Any events in life can change every. This not only applies to emotions or money, life changing events such as marriage, becoming a widow or widower or even age will and can have direct effects on the rates and options found within your car insurance policy. Insurance companies both online and offline, look for these events and could try to jack up your rates without telling you. Keeping up on your policy on a yearly or even twice a year will help insure that you are covered no matter what life changing event takes place; even if one doesn’t.
Can Marriage change my policy?
Getting married is nothing to scuff at or take lightly in any part of the planning stages. Planning a wedding isn’t just limited to the tedious and at often times, minuscule things such as the color of the flowers and decorations, sending out hundreds of RSVPs, and seeing what everyone would like to eat; the steak or chicken. Many couples forget that another part of planning a wedding is auto insurance. Many companies offer incentives and advantages to existing and newlywed couples. Always make sure to check to see if your existing carriers offer anything when it comes to marriage. If they do not then it is best to look around and find an insurance company that does. It will save you money in the long run as well as provide a way to help keep your finances in order right from the start.
Many companies will allow couples to add another car onto an existing policy to help save money. They may offer a multi-vehicle discount as well if you are not quite comfortable with adding your partner to the same policy as you. Owning a home also adds a reduction in the premium cost of a policy, but these discounts are only able to be obtained with multi-line policies. Males who are under or 25 years old, often times will have a large premium reduction upon getting married. When reviewing an auto insurance policy, be sure that it can fully cover both you and your partner. You do not necessarily have to up the coverage to the full amount, but is always beneficial to have that option if you so chose to want it later on in life. Always be sure to carefully look at the liability portion when adding or moving to a new policy so you are still able to protect the new additions to the home and not hinder anything that may not be “explained” during the change in policy.
What Does Divorce and Death have to do with my Auto Insurance?
Often times, when a significant other passes away, or the couple’s marriage ends up in the toilet, many people forget about how that will affect the car insurance policy. When a marriage ends or a spouse dies, premiums can and often times do, sky rocket as if you were a teenager driving the latest model sports car; or so it feels.
Most insurance companies base their policies on where the car in the policy is placed when not being driven. Change in address can cancel any possible resulting income from an accident if a divorcee or divorcer is residing somewhere else and at times can even result in your policy being canceled. If the policy states that the vehicles in question are joint property, then the policy changes to a single policy and then will be sorted accordingly when the divorce becomes finalized.
When reviewing your policy even if a death in the policy or divorce has occurred, take note of the liability, PIP, and uninsured motorist sections in particular as well as any gaps in coverage, repair costs, and even rental coverage since many of these will increase your premium once a divorce or death has occurred.
Being older isn’t always what it’s cracked up to be, or is it?
There are many cases that say 18-25 are one of the worst drivers on the road. That maybe true to the majority of people and is very hard to show you are not one of those people ti an insurance agency. When the ages of 50-65 come around, insurance agencies sing a very different tune and often times come with better auto benefits. If you are coming to the nice age of 50, get in touch with your insurance agency and see what they offer for discounts or policy changes. Many will tell person in the ages of 50-65 that by attending a “safe driving program” will make them able to have more discounts applied to their policy. Seniors also have lower premiums because they do spend less time annually on the road, however, many companies stop this discount when a person reaches the age of 70.