When you find someone you love, it is often instinctive to want to do and share everything, including auto insurance. In the case of unmarried couples, there are times when sharing an auto policy works and then there are times when it does not. Since every situation and scenario is different, learn more about some of the factors to consider before you make your decision.
Policy Requirements
Sometimes a shared policy is optional, but other times it is required—particularly when it comes to couples that often drive each other's vehicles. An important thing to understand about auto insurance is that it provides coverage for both the vehicle and the driver.
In the event your partner drives your vehicle and is involved in an accident, your vehicle could be covered, but any injuries your partner sustains may not be, depending on your policy. Generally, if you drive each other's vehicles regularly, a joint policy may be a better safeguard.
Driver Records
Always do your research to learn as much about your partner's driving and insurance history if you are unsure about getting a policy together before marriage. Insurance companies largely base their premiums on the level of risk a driver holds.
Two factors that often go into this risk assessment are the driver's history of violations and accidents, as well as their history of lapses in insurance coverage or canceled policies. If your partner has an extensive history in either area, you may want to brace for an increase in coverage costs should you two get a policy together.
Multiple Policies
On the other hand, sharing an auto policy might save both of you money. Consider a couple that lives together, for example. Assume each person had their own auto insurance policy and a renter's policy through another company that they split the cost for.
Combining both auto insurance coverages under one policy and securing renters insurance from the same company could help this couple earn a multi-vehicle discount, as well as a multi-policy discount. Not only does this scenario save money but having all your insurance needs housed in one place is also easier to manage.
If you still have questions about sharing a policy with your girlfriend, boyfriend, or fiancé, remember that an insurance professional is more than happy to help. Be sure to collect as much information as you need to ensure you make the most informed decision.
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