Newly Married: Should You Share an Auto Insurance Policy?

There is no law stating that once a couple gets married they must share everything. A couple can choose to keep their assets separate, their bank accounts separate and they can even keep their auto insurance coverage separate – but should they?

Sharing Means Saving

By sharing the same auto insurance policy, a couple could save money because some insurers offer multi-car and multi-driver discounts. Taking it a step further, the couple could choose to bundle home or renters insurance with auto insurance and save even more.

Sharing Means Less Lapsing

When a married couple shares an auto insurance policy, it means they have just one insurance premium to pay. This gives the couple a better opportunity to manage their payments and less chance of forgetting to pay the premium completely or paying late. This can help cut down on instances of a policy lapse due to nonpayment.

Sharing Means Less Paperwork

With two insurance policies a couple will have two sets of policy login information, two sets of policy pages, two different processes for claims, separate renewal dates and different mailings for insurance cards. All of this can make it much more difficult to keep paperwork and policy information updated. By sharing a single policy, the couple minimizes much of this busywork and is less likely to forget important dates.

Sharing Means Single Quotes

It’s a good idea to get auto insurance quotes every year or so or when something major changes such as the purchase of a new vehicle, the receipt of a ticket, or after one takes a driver’s training course. It's much easier to get quotes on a consistent basis when a couple has just one policy rather than two.

Sharing Means Joint Access

If one person in a married couple has an accident and submits a claim on his individual policy, the other spouse will generally not be permitted to get information on that claim unless he or she is included on the policy. By sharing an auto insurance policy, you never have to worry that you won't be able to manage your spouse’s insurance should they become incapacitated.

To learn more about how having a joint auto insurance policy can make your married life easier or to get quotes for a new policy, give us a call or stop by.