If you are a single car family with two drivers, this is something that you will probably have considered. But is it a good idea? Do you have to do it? And are there any benefits to doing it?
How To Add Your Spouse
If you decide to go ahead and add your spouse to your insurance you can either add them as the co-owner of the policy or as a listed driver on the policy. A co-owner will have all the same control over the policy as you do, whereas a listed drive will have a lot less control. They will not be able to cannot add or remove coverage and they won't be able to change limits of the policy. If you have a claim, the insurer will not issue payments for repairs under their name.
Benefits Of Adding Your Spouse
There are lots of benefits to adding your spouse to your insurance policy. Many companies will give benefits to married couples. Married couples are seen as more reliable, and safer drivers than single drivers. Statistics show that people who are married are involved in less accidents than their single counterparts. These statistics mean that insurance companies algorithms determine that married couples deserve lower premiums. It can also be a benefit because a married couple are more likely to take out other insurance premiums with them too. The more policies you add under your name, the better. Adding a spouse to your policy will enable you to take advantage of more discounts than you would be entitled to as a single person. You will be eligible for things like multi-car discounts, and even a multi-policy discount if you use the same company for things like life insurance and homeowners insurance.
Danger Of Adding Your Spouse
This is something that you may not want to think about, but there may be dangers for you associated with adding a spouse to your car insurance policy. If your spouse has a bad driving record, it may be a good idea to keep your policies separate. The main reason for this would be, someone with a bad driving record will drive up the premiums for both parties, meaning that as a couple you are paying more for insurance than if you had two separate policies. If one car is much more expensive than the other car, combining policies would not make sense. It will drive up the rates for both parties meaning that the person with the car that is worth less will be pay an awful lot more insurance than they should be for their main car.
It is important to make informed decisions regarding personal finance. The best way to make the right choice for you as a couple is to ring your insurance company or arrange a meeting with a branch manager. This way you can fully discuss all of your options and come up with the solution that is best for everybody involved.