Summer is here, which means wedding season is upon us and thousands of couples will be declaring their intention to spend their lives in wedded bliss (or at least give it a try).
Many things change in our personal lives as soon as we enter into holy matrimony, but that doesn’t mean we can forget about our personal finances. While insurance may not be the most romantic of topics to discuss over a candlelit dinner with your beloved, finding the right insurance policy early on in your relationship could save you thousands of pounds over a lifetime.
So, what are the key insurance considerations for couples? We’ve rounded up six of the most important things to consider.
1. You’ll have more things
When you move in together, you may well be doubling up on possessions and increasing the overall value of your home contents. As you pool your belongings, you should re-evaluate your home insurance policy to check you still have enough cover.
And don’t forget about your wedding ring. It may be one of the most romantic items you’ve ever received, but it could also be one of the most expensive. Remember to let your insurer know if your ring is worth more than £1,000 so it can be added as a specified item to your policy.
If your contents are suddenly worth a lot more, you may need to update your home insurance cover or even start a brand new policy.
2. Becoming a two-car family
If you each have a car with its own insurance policy, you may save money by moving to Multi-Car Insurance. Admiral’s MultiCar Insurance gives you a guaranteed multi car discount as well as bringing everything into the same package. It saves time and effort and gives you one policy to keep track of.
You’ll each earn your own No Claims Bonus and have just one renewal date to worry about, if you’re unsure about a MultiCar policy, our Multi-Car guide has all the information you need to help you decide.
3. Buying your first home
If you’ve decided to buy your first home, you’ll probably be focused on scraping together a deposit and securing a mortgage so you can get on the property ladder.
Check out our guide to buying your first home.
4. Avoid dual insurance
Make sure you consider cancelling any existing insurance policies you no longer need. For example, if you’re moving in with your spouse and you have contents insurance, its probably best to have this covered in one single policy. Many people find themselves paying for policies which no longer apply.
5. Can getting married save me money?
It may not be the sexiest of considerations, but, once the first flush of love has worn off, many couples want to know: will we get cheaper insurance when we’re married?
In some cases, there may be a lower premium for married couples because of the way in which insurers calculate risk. Statistically speaking, married couples tend to be involved in fewer accidents.
Why? Nobody is certain. Perhaps our lives become more stable when we get married and we become a little more sensible. Maybe single people spend more time on the roads and drive slightly differently.
Either way, the fact that you’re married may mean your insurer looks at you as being a safer bet, which could lead to lower premiums.
But, of course, it’s not always as simple as that…
Every case is different. If you’re adding a partner who has a bad driving record to your car insurance, for example, your premiums may rise sharply. If your spouse has a criminal conviction you should also inform your insurance company, which can result in a higher premium.
6. Bring policies together
A marriage is not just a union of two people, it often involves the union of your financial arrangements and there is one good way to reduce the amount you pay, by combining insurance in one package.
We offer an easy way to do this with our new MultiCover policy. Let’s say you and your spouse both have a car each and you’re buying your own home. There’s a lot to sort out, but it can be much easier if you bring it all into one policy.
MultiCover allows you to insure both those cars and your home in one easy to set up policy. You can do everything with just a single policy and you will also get a guaranteed MultiCover discount for your home and car insurance.
At Admiral, we have a flexible approach that will avoid any overlaps with your policy. The biggest complication with combining different policies will be varying renewal dates – it’s natural to worry that you’ll either have to shoulder a cancellation fee, or put up with an overlap in which you’re paying to insure the same things twice.
We give you an annual price for whichever policy starts first and add others as and when they renew. Imagine you are buying home insurance but have two cars, each of which have different renewal dates. The home insurance would start straight away and the cars would be added as and when they expire. The single policy will keep going and renew from one single date.
Dealing with details such as insurance may be the last thing you want to think about when you’re embarking on a new married life, but it can be important. Organising all your policies efficiently is a great way to save both time and money.