Insurance is the last thing on your mind while you are getting ready for your wedding. Not only does it have nothing to do with the eternal love that you are so wrapped up in celebrating on your special day, insurance is just plain boring. This is why you have an insurance agent. Do you remember that person? The one that you randomly picked out of the phone book for your car insurance. Yes that’s right, the one that you stop by their office and grumble at every month when you pay your premium. Well, it’s time to stop by their office again to tell them that you are now married.
The beauty of having an insurance agent is that all you have to do is tell them the information of your new spouse and they will take care of the rest. But, what exactly are they going to do? It all depends on what type of insurance you have.
-CAR INSURANCE-
As long as your new spouse doesn’t have a motor vehicle report filled with tickets and accidents, you are going to save money. By getting married, insurance companies consider you as a driver that is less prone to take risks, so they lower your premium. On top of that, if your spouse has a car of their own and adds it to your policy, the premiums on both of your vehicles will go down. Why? Because you now qualify for a multi-car discount. Just be sure to cancel the policy that the vehicle you are adding used to be on, you don’t want to be paying double the insurance premiums.
-HOME OWNERS INSURANCE-
There are no real discounts for homeowners or renters insurance for being married. In fact, you may see an increase as you add the other persons stuff to your policy. You need to make sure that your spouse is listed on your policy, so that if something were to happen, their belongings would be covered also. While you are adding their name to your policy, you will want to discuss what is covered and what is not with your agent. Your spouse may have certain electronic equipment or art that may require additional insurance coverage beyond what you already have in place for your belongings.
-LIFE INSURANCE-
Out of all the different insurance coverage’s, this is the easy one to change when you get married. When you signed up for your life insurance policy while you were single, you probably listed a relative as your beneficiary in the event of your death. It is time to change your beneficiary to your spouse. That is unless you don’t trust your spouse not to try and collect on an early death, if that is the case you may not want to sign that marriage certificate. But, if it that’s not the case, ask your agent for the paperwork to change your beneficiary to your spouse and you are done.
Insurance is one of the necessary evils in life, you hate paying for it but if you ever need it you will be thankful that you have it. Just be sure to keep it updated with all of the important information, like the fact that you are now married. If you don’t, when it does come time to use it you may not have the coverage you need to protect both you and your spouse.