When you get married, you usually have to update your insurance policies to reflect your new status, including changing the name of the person covered on your health and life insurance policies. However, you might not know that being married can also change the rates you pay based on gender or have any other implications on how you get coverage. To find out more about how being married can affect your insurance premiums, keep reading below!
Things to know about getting married
How can getting married affect your insurance premiums? Here are some things you should know about getting married and how it affects your insurance premiums. This may not be true in all states, but some states have their own laws on how marriage affects auto, life, and health insurance premiums. Here is what you need to know
Getting married affects homeowners insurance
There are some insurance discounts that you will receive when you get married; however, it may not be a good idea to get married just for an insurance discount. The primary benefit of getting married is that you can claim your spouse as a dependent on your taxes.
This allows you to reduce your taxable income by taking your spouse’s income into account. Before getting married and claiming someone as a dependent, make sure they actually qualify to be one.
Spouses get insured on each other’s car insurance
If you’re married, your spouse is automatically insured on your auto policy (even if he or she doesn’t drive) as long as you’re both living in your home state. Some insurance companies may require proof of co-ownership on a home, savings accounts, and other accounts.
However, in most cases, they only request to see a copy of your marriage certificate. Be sure to check with your provider first to find out whether they allow married couples to be insured together.
Marriage can affect your auto and health insurance rates
While married couples get discounts from some auto insurance providers, most major health insurance plans in America offer a discount to customers who are married. However, both insurance types also have different rules when it comes to how marriage affects premiums. Let’s look at what you need to know about getting married and how that can affect your life and wallet.
Marriage might affect life insurance costs
Marriage isn’t just a commitment to one another: It could be having a major impact on your life insurance premiums. While marriage doesn’t affect your ability to get covered, it may cause premium hikes of several hundred dollars—or hundreds of thousands of dollars if you happen to be one of those multi-millionaire couples.