Getting Hitched? You Need These 5 Insurance Tips

What does marriage have to do with insurance? More than you’d think. Check out these money-saving tips if you’re about to tie the knot.

Love is in the air at Esurance — 2 members of our team recently got engaged and another just got married. Despite all the wedding bells we’re hearing around here, we know most people don’t equate insurance with romance. But, getting hitched and insurance have more in common you might think. (In fact, the word “insurance” originally meant “betrothal.”)

And because it’s Valentine’s Day, it’s the perfect time to share advice for the altar-bound. Keep these hints in mind as you prepare to say “I do.”

Insurance tips for brides and grooms

Get coverage for your engagement ring

According to wedding website TheKnot.com, the average cost of an engagement ring is $5,431. (Cha-ching!) Of course, the idea is that the bride will wear it forever … but what if it goes down the drain or gets stolen from a hotel room instead? Since most standard renters or homeowners policies only cover jewelry up to a certain amount (and may only cover theft or damage, not loss), you can usually add a low-cost endorsement (aka rider) to get additional protection.

Consider wedding insurance

I know a couple whose wedding was almost canceled when Iceland’s Eyjafjallajökull volcano erupted, disrupting air travel across Europe and stranding the groom and his family for nearly a week. Fortunately, they made it to the altar in time, but it’s a reminder that something unexpected may force you to postpone your big event (which could end up being costly).

While Esurance doesn’t offer this kind of coverage, it’s worth thinking about. Some companies will cover you in case of a severe rainstorm, if a vendor doesn’t show, or if a mountain blows its top. (You might want to get travel insurance to protect your honeymoon too).

Insurance tips for newlyweds

Let your car insurance company know you’ve tied the knot

Statistics show that married people have fewer accidents than those flying solo. (Tweet this.)

This means you might be able to get a lower car insurance rate now that you’re hitched. Your rate depends on several other factors as well, but it’s worth checking with your insurer to see if you qualify for a reduction. And once the catering bills start rolling in, it’ll be nice to know that being married can actually save you money!

Remember to add your spouse to your policy

Provided you and your sweetie have good driving histories and haven’t let your coverage lapse, you’ll probably save money by combining your policies. If you’re insured by different companies, this is also a good time to review your coverage and get some comparison quotes to see if you could be paying less.

And if you’re living at the same address for the first time, or you’ve moved into a new place together, you’ll also want to update your renters or homeowners policy.

Your 2 insurance policies entwined — talk about romantic!

Look into multi-vehicle and multi-policy discounts

Most insurance companies (Esurance included) typically offer discounts if you insure more than one vehicle on a policy. Those discounts usually apply if you have at least 2 cars on a single auto policy or if you insure more than 2 motorcycles on a single motorcycle policy (or even a combination like a motorcycle and a snowmobile).

You can also get multi-policy discounts if your motorcycle, home, or apartment is insured by the same company as your vehicle. It’s like all your policies are snuggled together on the couch in front of a classic movie. (I’ve taken this too far, haven’t I?)

Happy Valentine’s Day, lovebirds. Here’s to many years of wedded (and insured) bliss.

Related links

Domestic partners can get the married rate, too
Discover the history of the word “insurance”

no comments yet

Leave a Reply

Leave your opinion here. Please be nice. Your email address will be kept private.