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How marriage impacts you insurance

How Marriage Impacts Your Insurance

September 1, 2022


Here’s How Marriage Impacts Your Insurance

You have that special someone in your life. It’s been a little while, and you’re considering popping the question. If you – or a dependent of yours – is planning to get married, you are already well aware of the sheer volume of effort that goes into the big day. Time, money, maybe a few tears will be spent – but it’s all for good reason. The planning doesn’t stop at the big day! Marriage also impacts other adult things, like your insurance!

When you get married, a few major things in your life will change. Finances, perhaps your living situation, legal matters, and, surprisingly, your insurance coverage. Did you know that your marital status affects your insurance coverage?

Now, obviously, insurance impacts shouldn not be the thing that dictates you getting hitched! How your insurance is affected should not make or break your decision. But, as something to note, the affects your married status has on your insurance should be something you understand. Here’s how marriage impacts insurance.

Family members who use your vehicle on your personal auto policy

Your family members are automatically covered on your personal auto policy. Family means anyone who is related to you whether by blood, by law (marriage), or who have been adopted into your family – and are living in your household. This means that adult children who have moved out of your home and gotten married do not technically qualify for coverage under this insurance definition. A spouse, however, does qualify.

If your child is getting married and moves out of the home, they will need to acquire their own separate auto insurance policy. The requirements do vary by state. If you are getting married and one of you already has an auto policy, you can call your insurance professional to add the other person to the policy.

What if neither of you have auto insurance? Well, you’ll need to get a policy that will provide coverage for both of you. Easy enough.

Marriage can impact rates

Here’s some good news! Being married may reward you with reduced rates. No, seriously. People who are married with the exact same demographics, driving record, and vehicle make/model as another person who is unmarried will pay less for their insurance. It is generally known that individuals who are older and married are statistically less likely to be involved in car accidents. Car insurance will have higher rates for unmarried people under 25.

It’s simply assumed (and statistically proven) that married people tend to drive safer. This is even more true for those who have kids in the car with them. They just want to drive more cautiously to protect those in the vehicle with them.

Keep in mind if you combine policies with your spouse and you each have a vehicle, you may see substantial savings when you go from two insurance policies to just one. This is because there is a multi-car discount.

Getting married may mean it’s time to purchase life insurance

Getting married is one of those insurance-qualifying events where it’s time to start thinking about purchasing a life insurance policy. If you’re a young couple, it’ll be even less expensive since you’ll be locking rates when you are young and presumably healthy. Term life insurance is a good choice if you’re unsure of your life direction or do not have the funds to purchase whole life insurance. If you’re an older couple with adult children and/or an estate to be preserved, whole life may be a better option.

What if you already have life insurance? You may want to contact your provider to discuss revisiting the terms to ensure that the correct beneficiaries have been listed. If you’ve had an ex or a family member listed as your beneficiary, you’ll want to make updates so that your spouse is listed. You can list primary beneficiaries and also contingent beneficiaries.

Maybe you’ve decided against life insurance. It’s not for everyone or for every situation, and we understand that! Consider this. What if one of you were seriously disabled? A disabled spouse couldn’t generate an income, or they may need an around-the-clock caretaker while you go to work. Disability insurance should be discussed with an agent after you’ve tied the knot to figure out details.

If you’re moving into a home with your new spouse, update your information with your insurance professional!

Depending on if you’re moving out of your current home and/or buying a new home with your spouse, you’ll need to update your insurance carrier about your situation through your insurance professional. They’ll want to know information about your spouse, as well as your new address if there is one. If you are a new homebuyer, getting this insurance in place is important (and required by many lenders) to protect you and your spouse’s biggest asset in the event of the unforeseen.

Still confused? Don’t worry. Give the team at Hitchings Insurance a call to make this an easy insurance transition for you! Bundling your home and auto together is one of the greatest discounts and a gift as you start your life together! Congratulations.