How Getting Married Changes Your Insurance

Millions of couples in Canada tie the knot each year. The beginning of a new life may also mean big changes for your insurance policies. In many ways, the changes can be good news for your budget.

Auto Insurance

Couples may choose to combine their auto insurance policies rather than maintain separate policies. This strategy can lead to lower premiums overall.

In addition, many insurance carriers also rate married couples as a lower risk than single people, giving you more than one way to save money. If you own two or more vehicles, you might also be eligible for a multi-vehicle discount.

Insurance carriers consider dozens of factors when pricing a policy, so each situation can be a bit different. Talk to your broker about the possible benefits of combining your and your partner’s coverage.

Home Insurance

If you are renting, you can move to a single renters insurance policy after you move in together. This saves money as well, and if you combine the renters policy with an auto insurance policy, you could also benefit from an extra discount.

If you are buying a home or already own a home, talk to your broker about getting coverage in place and naming both of you on the policy. As with renters insurance, most insurance companies offer an extra discount for bundling home and auto insurance.

Life Insurance

Many families today are 2-income households in order to keep up with the expenses of everyday life.  This makes life insurance an essential coverage for a new family as it can be used to help support a surviving spouse and dependents in the event of a loss of life. 

Rates for life insurance are more affordable if you secure a policy when you are young and healthy, so it is best not to wait. Each passing year can make coverage more expensive if you have not locked in your rate by buying a policy.

Work with your broker to find the best type of life policy for your needs. Your agent or broker can also help you design a strategy to be sure you have enough coverage now and in the years to come.