Auto insurance is compulsory if you own a vehicle in the US. Car insurance policies are provided by numerous insurance companies in the United States offering attractive rates and offers. Many insurance companies exploit events like marriage to promote their products. It is a good opportunity for young couples to save money. When you purchase an insurance policy as an individual, it is likely to be more expensive. On the other hand if the same gets married, he or she can save a lot of money by paying reduced premiums perhaps because the insurer considers them less risk due to their new responsibility.
Just as auto insurance laws and requirements differ from state to state, major events like marriage can also create a major effect on your policy. The best way in order to take advantage of marriage in terms of savings on car insurance is to consolidate all your insurance policies in your household into a bundle and save money. The idea is to avail of multi-vehicle or multi-policy discounts specially meant for married couples.
Incentives/discounts for newly wedded couples
There are insurance companies who offer incentives as well as benefits to newly wed couples. It is better to check with your agent or insurer if they offer any incentives around the time of marriage. In case you are not able to find from your insurance company, it is better to look for other insurance companies that offer incentives or benefits for newly wedded couples. This will enable you to save money in the long run as well as keep your finances very well under control right from the beginning.
It is seen that single people who are below the age of 25 years have to pay higher auto insurance premiums than married people. After marriage, their premiums get reduced because of the many discounts for married couples.
Taking a joint policy after marriage
Very often companies providing insurance help couples to add another car to an existing policy as well as provide multi-vehicle discounts also. This is to help the couples to save their money. In case you and your spouse have different auto insurance policies from different insurance companies, it is better to review them and decide which policy you would like to continue and which you can forgo. If you have policies pertaining to the same insurance company, it is ideal to talk to your agent or insurance company for taking a joint policy.
Once you have taken a joint policy, it is better to cancel the existing insurance policies which could be either in your name or her name. You can also consider buying other insurance coverage from your auto insurer in order to avail of multi-policy discounts. This will help you to save lot of money. But always be careful to check the liability portion of your insurance cover before deciding to purchase any policy.