After the honeymoon is over and all the thank you cards have been sent out you might have been under the impression that you were able to kick back and relax for awhile. The reality is there are a number of business related questions you are going to have to answer. Will one of you be changing your name? Whose family are you going to for Thanksgiving? Are you to going to be on the same auto policy?
One of the advantages to adding your spouse’s vehicle to your policy is that you will both start receiving a multi- car discount. If the two of you are able to write your homeowners policy or renter’s policy with the same company you may be eligible to receive a package discount as well. Some smaller savings can be seen by having only one installment charge and one monthly service fee. Also, if one vehicle is used significantly more than the other, the lesser could qualify for a low mileage discount. Others may see an advantage in the fact that they will be streamlining their bills by only having to maintain one policy rather than two.
One disadvantage to adding you spouse to your policy is if they have a poor driving record your rates will be affected. However, per Massachusetts Law you are required to list all licensed household members on your policy. Excluding a driver is only possible if both of you have signed what is known as an operator exclusion form. This form states that if the excluded operator drives your vehicle (even in the event of an emergency) and gets into an accident, you may not have coverage for the damages.
The most important thing to remember is to consider your options. What makes sense for one couple may not make sense for the next. Combining policies should be considered on a case- by- case basis. Don’t worry though, you won’t have to reassess the number of people on your policy until you have children, but that is a story for another day…