3 Major Life Events That Will Impact Your Auto Coverage

admin — Sun, 05 Apr 2009 02:32:59 +0000

Auto coverage not only varies from state to state and company to company, other things can affect your coverage as well, such as changes in your life. Three major life events impact your auto coverage. Number one is marriage. Number two is a change in marital status such as divorce or widowhood. Number three is reaching the age of 50. Of course, you should review your policy on an annual basis, but when these events occur you have good reason re-appraise your insurance needs.

Many advantages exist when you get married so ask questions of your existing insurance carriers as well as comparison shop the benefits of combining both spouses’ cars on the same policy. If you own a home, further reductions may be possible with multi-line policies and males under 25 will often see a big drop in premiums.

Maintain a reasonable amount of liability insurance to protect the combined assets of a joined household.

Divorce and widowhood affect auto coverage in many ways. Coverage is based on where a vehicle is garaged when not in use so a change in residence may void a payout in event of an accident if an ex-spouse is living elsewhere. Worst-case would be policy cancellation. If a vehicle is joint property you will typically maintain a single policy until the final divorce papers are signed.

Drivers that are age 50 to 65 are considered the safest on the road. This may result in greater auto insurance benefits. An individual who reaches age 50 should notify the insurer and ask about any possible discounts and the advantages of policy changes. Less time on the road may also reduce premiums.

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3 Major Life Events That Will Impact Your Auto Coverage