That is, if it makes sense financially. If your new spouse or significant other has 3 accidents and a DUI and you have a clean record (no accidents or violations) than no, don’t combine them. But the insurance companies are pretty smart, they eventually will find out your mate resides in the same house as you and will force you to add them to your policy anyway.
If both people have a clean record then there is a very good chance your insurance costs will be much less if you combine your policies.
One of our clients was recently married. Congrats to him and his new bride! His wife has her car insured through Liberty Mutual with a different agent, his car is insured through Travelers. Their house is also insured through Liberty Mutual. I reviewed his Auto policy and noticed that there are several discounts he potentially could not be getting.
Opportunities to save he is potentially missing out on…
- Married Discount. This could be as high as 5-10%
- Multi-Car Discount. This is another 10-15%
- Multi Policy Discount. If his wife has a renters policy or if he had one than both policies would be less. (If either him or his wife owned a home than this discount would be even bigger, plus the auto policy would be less because you owned a home regardless of if you had the policies combined)
- Better Credit Score. Depending on his wife’s credit score, he could get a lower rate if she is in better shape financially. See this post for more info on insurance and credit scores.
I told our insured that it was in his best interest to ask Liberty Mutual for a proposal to add him and his car to his wife’s policy. Likewise, he should also have us give him a proposal from Travelers to add his wife and her car.
Some people don’t want to combine polices and that is fine. But if you are interested in potentially saving money on your insurance than combining your auto policies may be the way to go.
Are you living with someone or even married but don’t have a combined auto policy? Could you save money by combining them?