Many things change in our personal lives when we get married but that doesn’t mean we should forget about our personal finances.
While insurance may not be the most romantic of topics to discuss over a candlelit dinner with your partner, 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 five of the most important things to consider.
1. You will 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 that everything is covered.
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. If you have insurance with Admiral, remember to let us know if your ring is worth more than £2,000 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 MultiCar insurance. Admiral’s MultiCar Insurance could give you a multi car discount and brings 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.
Once you’re over these hurdles, one of the many things you’ll need to consider is taking out a full home insurance policy, which includes both buildings and contents cover.
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, it's probably best to have this covered in one single policy. Many people find themselves paying for policies which are no longer valid or don’t give you the right cover.
5. Bring policies together
A marriage is not just a union of two people, it often involves the union of your financial arrangements. A good tactic to reduce the amount you pay is to combine insurance in one package.
We offer an easy solution to do this with our 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 could also get a 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, which means you’re paying to insure the same things twice.
We give you an annual price for whichever policy starts first and add other cars 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 you both time and money.
