Should Spouses Carry Separate Auto Insurance Policies?

Posted on: August 20, 2015 by titan-goodrich

While bundling policies can lead to potential discounts by insurance carriers, certain factors should be considered before joining policies with your spouse. Experts recommend requesting separate Virginia Auto Insurance quotes for both separate and combined policies before making a decision. In addition, consider the following personal circumstances to achieve the best rates.

Bad Driving- A poor driving record with serious offenses such as a DUI can cause problems for married couples’ insurance coverage. A carrier might refuse to cover the convicted spouse or raise the premium rates. In such cases, the couple might consider separate policies. However, it is important to remember that with separate policies, exclusions such as not being allowed to drive one another’s car or only being able to afford minimal coverage can exist. Therefore, the spouse with the DUI might benefit from a company that specializes in high-risk insurance, according to Nerd Wallet.

Poor Credit- Virginia allows credit to be a considering factor for insurance carrier premiums. As such, poor credit rating could lead to increased rates. If you and your spouse each have your own cars, consider listing the spouse with better credit as the primary driver on the more expensive car to insure. As Virginia doesn’t allow exclusions for household members, it is recommended not including poor credit drivers as primaries, but rather “listed drivers.” In order to determine the best strategy, discuss your options with your local insurance agent.

Sports Car Ownership- If a spouse has an exotic car that is expensive to insure, separate policies might save you more money. However, Ryan Andrews, president of The Andrew Agency, states that it is more likely you’ll receive a better premium price if both cars are insured under one policy under the multicar discount.

While married couples are considered lower risk customers than singles, the above mentioned factors should be considered when choosing to bundle your insurance policies with your spouse. While navigating the specifics of auto insurance policies can be daunting, Goodrich & Watson can help. We specialize in personal insurance lines and offer a variety of coverages to ensure you are fully protected. For more information on our products and services, contact us today at (888) 829-5004.

Posted in: Auto Insurance blog

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