Should you can your new spouse share an insurance policy?
Getting married is a major life change that requires a lot of decision-making on your part. Many of the decisions that you will have to make involve your personal insurance in Dallas, Texas. For instance, you and your spouse will have to decide whether or not you should combine your auto coverage into a single policy. Here’s what you should know before making this important coverage decision.
Getting Married Could Drop Your Rates
Generally, changing your status from single to married will actually result in an auto insurance rate decrease for both you and your partner. This is because most insurance providers consider married drivers to be less likely to file a claim than single drivers. So, even if you don’t get a joint policy, you should still experience some auto insurance savings.
Combine to Save
That being said, couples can receive an even higher discount on their auto insurance premiums by switching over to a single policy. Because you and your spouse will only be paying one premium instead of two separate ones, this will likely result in savings. Additionally, having more than one vehicle under a policy generally activates multi-car discounts which can unlock even more discounts.
When You Should Not Combine
In some cases, it actually doesn’t make sense for couples to combine their coverage into a single policy. For instance, if one of you has a bad driving record or credit score, then you are better off keeping your separate policies. This is because the low cost of one partner’s insurance can better offset the expense of the higher-risk driver’s policy.
This is what you should consider when deciding to invest in a joint auto policy. Do you have additional questions regarding your auto insurance? Then don’t hesitate to contact the experts at Champion Commercial Insurance. We are ready to assist you with your personal insurance in Dallas, Texas today.