How does my insurance change if I get married?

Maybe you’ve meticulously planned the perfect ceremony. Or you’ve just sent out the invitations for a small backyard get-together. Or you’re counting down the days until you and your partner can make it down to City Hall. There are tons of ways to tie the knot, and there can be just as many ways that your insurance coverage can change. So, let’s go over some of the basic changes that can happen to your insurance once you get married.

How Can Getting Married Change My Insurance?

Surprisingly, insurance carriers are happy to toss some discounts your way once you get married. For things like auto and long-term care insurance, insurance companies may either offer some sort of discount, or you’ll just find yourself paying significantly less. For other policies like homeowners’ – it may not change your rates for better or for worse, but it could have some massive benefits to have both of your names on the policy.

Specifically, here are some of the ways that your basic insurance policies can change.

Car Insurance

If you want to combine your car insurance after you’re married, you could end up saving about 21 percent on your car insurance, depending on your insurance carrier. The reason behind this is mainly because of a 2004 study by the National Institute of Health showing that single people are twice as likely to get into car accidents as married people.

Unfortunately, car insurance rates won’t drop that much if you get married over the age of 30. If you end up combining policies then, you’ll only see about a 2 percent drop. The age range where married couples usually see the biggest price drop is in the 20 to 25-year-old range.

However, other factors can impact your rates much more than your marital status – like your age (regardless of marital status), driving history, the make and model of your car, and even your credit score. So, if you and your partner are considering combining your car insurance for the discounts, make sure that all of those factors match up between both of your records. Otherwise, it may make more sense and save you both more money to keep your car insurance separate.

Our agents are professionals in working with couples to get them the best rates, no matter what. Contact one of our insurance professionals today to compare the best coverage and pricing that works for this next big step in your life.

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Homeowners’ Insurance

Your rates on homeowners’ or renters’ insurance actually won’t drop all that much, unless you decide to bundle it with your car insurance. However, you will have to consider increasing the coverage limit of your homeowners’ policy when you add your partner.

Your spouse’s belongings won’t automatically be covered if their names aren’t on the policy, and if you don’t account for the value of the things they bring along, you may not be able to recover all of your belongings in the event of a break-in.

That’s why, especially if your partner is bringing valuables like fine art and jewelry, it will be important to make a home inventory of both of your belongings. The inventory will not only help you file an insurance claim if your house is robbed, but it will give your insurance agent a more accurate idea of the type and amount of coverage you need when combining households.

Protect your home from fires. Get a quick homeowners insurance quote today.


Health Insurance

This is usually the biggest question for newlyweds, and changes in health insurance can vary the most depending on a lot of factors. If you and your spouse decide to be on the same healthcare plan, there are some key things to note:

  1. Once you’re married, you and your spouse will be considered a “family”, whether or not you have children.
  2. You have 60 days from the date of your marriage license to enroll in a family health insurance plan. But don’t worry if your wedding date is a ways away from your insurance carrier’s enrollment period. Getting married qualifies as a “life event,” which means you and your partner will qualify for special enrollment.

Most employers offer a group health insurance plan that extends to the person’s spouse or their entire family. So, if you or your spouse are working, consider looking at the costs of adding a person to either of your company health insurance plans.

If you’re using the government Healthcare Marketplace, keep in mind that if both you and your spouse are working, your household income will increase, which means that the tax credit to help you pay for health insurance may change as well. You’ll still be able to participate in special enrollment, but the Marketplace requires you to submit documents that prove you’ve had a life event. Also keep in mind that the Affordable Care Act (ACA) limits the amount of out-of-pocket costs for families at $14,700 per year and the out-of-pocket costs for an individual on a family plan to $7,350.

Another option, like with car insurance, can be to keep your health insurance plans separate. Just because you’re married doesn’t mean that your healthcare needs are the same. Your spouse may want to see a doctor or professional that’s outside of your group plan’s network. You may want a different plan option from your spouse. One of you may have more health issues or need to see a doctor more regularly than the other. And sometimes, getting separate policies is just cheaper and easier. Whatever you choose, it’s important to consider and discuss all of the insurance options you have as a new couple and find what fits best for you.

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Getting married can open up a lot of bundling and discount options, but it’s important to take into account your individual needs and priorities when deciding on a plan. When you work with our insurance professionals, they’ll get to know your specific needs as a couple and as individuals. They’ll walk you through only the types of coverage that will work for you and get you affordable quotes to compare. Call 770.497.1200 or fill out our online form to start comparing quotes for your new life together. Congrats!