Are you planning to tie the knot with that special someone soon? While it’s an exciting time in both of your lives, it can also be challenging if you are combining finances, so establishing a plan early is essential.
When couples get married, they probably both have cars and may very well have different insurance companies. If this is your situation, as part of your financial plan, this is a good time to review existing auto insurance coverages to see which company offers the best price and service, should you decide to combine policies.
Are married couples required to share an auto policy?
While there is no legal requirement that states you must add your spouse’s vehicle to your auto policy, if both you and your partner have good driving records, you can potentially save by combining your car insurance after marriage. Most auto insurance companies also offer discounts or lower rates to married drivers. With MAPFRE, you could qualify for a multi-policy discount.
Another reason to consider sharing a policy is to save time by managing one combined policy rather than two.
When should policies be kept separate?
Getting married doesn’t guarantee a drop in your payments. If your spouse has a large accident history or several speeding tickets, you could see your rates rise. Ask your partner about their driving history, and if it’s less than stellar, you may want to consider keeping your auto insurance separate to prevent paying more.
Also, if your spouse’s vehicle is of high value or he/she drives much more than you, combining policies could increase your payments as well. Make sure you both have clean driving records and similar driving situations before switching over to a joint policy.
Who needs to be listed on the policy first?
When it comes to combining auto policies, it doesn’t matter who is listed first. Each person’s driving history will impact the other’s rate equally.
Is my spouse automatically covered by my insurance?
A new spouse will not be automatically covered by the other’s car insurance policy. To add them (or anyone) to a policy, your independent agent must be contacted.
What other ways can we save?
At MAPFRE, we want to ensure that our customers take advantage of the many credits and discounts we offer to save on their annual auto premium. For example, if you bundle your auto insurance and home insurance together, you could qualify for a reduced rate. Customers can also take advantage of the paid-in full discount when renewing their annual renewal premium.
We hope you found these tips on combining auto insurance helpful! If you’re still not sure, you can always have an independent agent in your state review your auto policy to make sure you have the right coverage suited to your individualized needs. If you’re not yet insured with MAPFRE and live in Massachusetts, you can always get a fast, free quote today on your Massachusetts car insurance policy.
