People who merge their lives through a wedding face some really big decisions which are much more complex than deciding on the furniture that you need to choose. Now that both you and your partner (spouse) can already be considered as an official family, it’s high time you check out the insurance options. Having the required insurance policies is pretty much important to eliminate all sorts of sudden monetary expenses. Apart from the other life decisions that you have to take as a couple, here are few other vital moves that you should consider about insurance.
CAR INSURANCE POLICY
The need to combine policies
You have to receive quotes from each of the insurers to check out which one provides the best competitive price. Make sure you compare the insurance rates also from other companies so that you know you’re making the right choice. Ensure whoever cancels the coverage, regardless of whether it is your spouse or both, has insurance which is effective on the same day the old insurance policy dies. Next time when you shop around for coverage, this lapse could lead to outrageously high interest rates.
Enquire about discounts
Make sure you ask for a nice review of the potential discounts that you could qualify for. Will you qualify for a multi-vehicle discount if you insure more than 1 vehicle? Or could you qualify for a bundling discount in case you’re buying renters or homeowner’s insurance? If only you could inform your insurer that you’re married, this could eve reduce the rates in few cases. Married people receive lower rates since they’re touted to be less risk borrowers.
RENTERS AND HOMEOWNERS INSURANCE
Selecting a policy
Before you marriage, it is true that you must have been living separate and paying different bills on renters or home insurance. The policy that you keep now will cover both of you and will also alert the insurer so that it can list the spouse on the insurance policy. If you aren’t sure about the policy you should choose, take into account factors like coverage options, price and scores of customer service
Coverage limits should be increased
Now you must be having more items to lose as both you and your spouse will have belongings which you both own together. Ask the insurer about boosting the caps on property coverage which will pay to repair or replace things which are damaged or stolen. Also make sure that there are few high value things which may require special coverage.
HEALTH INSURANCE
Know the special enrollment period
Majority of the people should get themselves enrolled in health insurance during a specific time of the year which is also called open enrollment period. When you get married, this permits you to purchase health insurance during any time and for a specific time period. Once you get married, you will get at least 60 days or even 30 days during which either of you could join the health insurance based on employers.
Choosing a perfect health plan
In case you both are pretty satiated with the price and services, you can definitely separate your health plans. Bu you may think that it is pretty cheaper if you would stay on the same plan, particularly when you’re utilizing the plan of an employer. If you both remain on the same policy, this will allow you to reach out to the annual deductible sooner.
Necessity of comparing insurance quotes
Compare the health insurance rates in the insurance industry and set them against the plans that are usually sponsored by the employer. If you go through the work, this will definitely be easy on your pockets. One more thing you have to weigh on is the co-insurance, deductibles, copayments, limits of coverage and the choice that you may get to choose the best health care professionals. It is usually good that you can grab a low rate but in case you can’t meet the doctors whom you wish to, then it is a bad choice.
Therefore, once you get married and you combine your policies, make sure you take all the above mentioned factors in mind so that you don’t take a wrong decision.
