True or False: Being married can save you money on insurance?
Well, we’ve done it: We found that special someone we want to spend our life with. It’s a big step. But when it comes to our finances, it could be the single biggest step...especially when it comes to insurance.
First, let’s think about homeowners and auto insurance. If you’re moving somewhere new, your policy should have enough coverage for all of your belongings.
With auto insurance, often one multi-car policy costs less than two separate policies. And it’s also a good time to see if bundling homeowners and auto will save you some money.
And while you’re at it, take a quick look at both of your health insurance plans to see which one is the best fit. It may make more sense for both of you to be on one policy.
Finally, while it may not be as romantic as a dozen roses, life insurance is a great way to say “I love you.” And what can say “I love you!” better than a promise to provide for the one you love, if you are no longer able to. If you already have an active policy, review it to make sure there is enough coverage now that you are married. And don’t forget to add your partner as a beneficiary.
So, will being married save you money on insurance? The answer is probably, but it depends. It’s a case-by-case situation. Getting married is a good time to review your auto, homeowners, life, and health insurance policies. And even look into potential savings that may be available. Not everyone will save money, but the time can be well spent trying to protect ourselves from the unexpected in this new chapter of our lives.
I’m Shamieka Preston for My Financial Minute, check back often to continue the conversation.
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