Oh No! I Just Got Married - What's Going to Happen to My Car Insurance?

Saturday, September 5, 2009

When you got married you probably didn't spend a whole lot of time thinking about how it was going to affect your car insurance-or any of the rest of your finances, for that matter! Although the wedding undoubtedly left an impression on your bank account! Now that you've said your I do's it's time to get down to the slightly less romantic side of marriage-starting with your car insurance.

You have a number of choices when it comes to your car insurance policy. Assuming you and your new spouse both drive, the two of you probably already have separate policies. If you wanted to keep those separate policies you're certainly entitled to, although it will probably cost you more to do that than it would to just take the plunge, consolidate your assets (and expenses) and pick up a joint policy.

Most married couples prefer a joint policy, for a number of reasons:
1) Insurance companies consider married drivers to be more stable, and they usually knock a pretty noticeable percentage off your car insurance rates because of it. You can save over $100 a year between the two of you by picking up a joint policy rather than continuing to fly solo.
2) Sooner or later, whether you have two vehicles or not you're going to find yourself playing musical cars. One car's going to break down, someone's air conditioning isn't going to work or you're going to need the truck for hauling something. It could be as simple as someone can't find their keys or doesn't have enough gas. Either way, you're going to end up sharing vehicles. If you're both over 25 this isn't a big deal, but if you're not and you get into an accident it could be a huge problem.

3) It's cheaper to have one policy than two. If the two of you kept your policies separately even at the best rates you'd likely be paying over $160 a month. A joint policy very rarely runs that high.

4) It's easier! You're going to have enough bills as it is-your electric bill, your phone bill, your cable bill and your cell phone bill, not to mention little things like rent, groceries and club memberships. And Internet. And...well, you get the picture. Why would you volunteer for another bill you have to remember to pay when you could just pay both policies in one swoop?


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