You’ve Tied the Knot…Now What

Its summertime and we’re in the midst of ‘wedding season’! We understand that calling insurance companies may not be at the top of the list for romantic newlywed activities, but it is necessary to keep your insurance policy current as a new couple. It could even free up some cash, to help pay off the honeymoon or purchase a home! The legal act of getting married, as opposed to just living together, can affect your financial situation and the insurance coverage you need. Its valuable to know how your commitment at the altar can impact your insurance needs.

Yes, You Need to Finally Call that Agent of Yours

Marriage comes with a lot of important financial decisions. One area to acknowledge with your spouse is car insurance – many car insurance companies use marriage as a rating factor when determining your premium. For auto insurance, the impact is greatest for very young people. A young 20-something could pay 20-26% less on car insurance premiums once he or she gets married.

Home insurers might also use marital status as a factor in determining your rate, or they might just offer a flat discount, for example 5% off, when you get married. It’s worth it to call and ask for a better deal once you’re hitched. As a part of this policy, it’s nice to know you have the ability to insure personal belongings as well. You can purchase an extension (also called a “rider”) that covers your wedding ring specifically! If your wedding ring falls down the garbage disposal, flies off on a rollercoaster, or sheds a diamond or two, you’ll have this sentimental stone protected!

Make sure you discuss these topics with your husband or wife to be. Being properly covered is essential factor in the next big steps to come! Here at Compass Insurance Agency, finding the right policy to fit your new lifestyle and family needs is our first priority. Calling the insurance company can be a daunting task, but we are happy to make this step quick and easy for you to get you back to enjoying your new marriage. We want to guide you through this big step in your life! Talk to an independent insurance agent at Compass today to be fully prepared for a full and happy life together!