Before you walk down the aisle, make sure you update your insurance to reflect your new life. Being married can affect your car insurance, home insurance, health insurance as well as your life insurance. If you need a new insurance policy, be sure to get an insurance quote to get the best price and coverage for your needs.
How being married affects your insurance
If you and your fiancé both own homes, compare insurance costs before selling one of your houses. Remember insurers take into consideration factors such as location, size, age, construction and building material when calculating your premium, so one home may be far more expensive to insure. Also, consider which home has been insured for the longest period of time. Some insurance companies offer loyalty discounts for renewing your policy. You may also be eligible for claim-free or multi-line discounts. Review your policies to see if you’re taking advantage of these savings.
Be sure to take an inventory of both of your belongings to ensure you buy enough coverage. (Don’t forget to count your wedding presents.) When you buy a homeowners policy, you’re insuring the structure of your home and your personal belongings in your home. When you get a home insurance quote for each home, make sure you request the same coverage, so you will be able to make a fair comparison.
As a married couple, you have the option to combine your insurance policies and save money. Some insurance companies consider married couples a lower risk and may reduce your rates. In addition, if you combine your auto policies or add auto coverage with the same company as your homeowners or renter’s policies, you may be eligible for additional volume or multi-line discounts. Ask about these savings, when you get an auto insurance quote.
But be aware that your insurer will take into account all licensed drivers in your household when calculating your new premium. If your spouse has a poor driving record, you could wind up paying more. Ask your insurance agent about what’s called “a named driver exclusion” option, if you are worried about combining your policies.
Before you make a decision concerning your health insurance, consider your current and future health care needs. Check your and your spouse’s policy for exclusions or limitations on pre-existing medical conditions. If you need a new policy, get a health insurance quote.
If you have group health insurance, you are allowed to add your spouse to the plan outside annual open enrollment because marriage is considered a qualifying major life event. Contact your benefits administrator to find out what you need to do. Some insurance companies require formal notification of marriage within a certain number of days. If you have an individual health insurance plan, some insurance companies may require proof of insurability before covering your new spouse. Contact your insurance agent for specific enrollment requirements for spouses.
If you don't have life insurance to protect your spouse, in case you die, get a life insurance quote. If you already have life insurance, you’ll probably need to update your beneficiary information to include your spouse. Contact your insurance agent or insurance company for the necessary forms. If you have questions, consult with an estate attorney.
Once you have determined the best coverage for your family’s needs, you’re ready to obtain an insurance quote. Call agents in your local area, contact several insurance companies directly or use insuranceQuotes.com to instantly get a competitive insurance quote from the nation’s leading insurance providers. Take the time to protect you and your family today.