11 Jan 2017
Posted by Barry Aldworth 
Most likely if you’re reading this then some congratulations are in order! You and your future spouse may already be busy planning your lives together, but tying together your insurance policies may help you both make some big savings.
With all the buzz and excitement it’s easy to forget about organising your individual insurance policies, but marrying some of these policies before your big day can save you money in the future.
Life Insurance
Before getting married life insurance is something that you may have never thought about, but taking out cover may be in you and your spouse’s best interests. Even if both you and your spouse have a regular income, maintaining your standard of living and keeping up with mortgage repayments may lead to both of you being financially dependent on each other. Taking out a Joint Cover or Dual Cover will mean that should the worst happen, your spouse will still be able to live comfortably.
In the event that joint or dual cover seems unaffordable and not an option for you, then it is important to at least protect the main income earners life under a single life policy. However, as there may still be a financial loss or unexpected costs in the event of the death of a spouse who is not the main income provider a joint policy is best to ensure you or your spouse are able to maintain their current standard of living.
Need more information on what to know when buying Life Insurance? Check out our guide here.
Motor Insurance
The good news doesn’t end with your engagement, as getting married is likely to save you money on your car insurance too. Given the high costs associated with weddings and honeymoons, any savings you can make could go a long way.
Motor insurance premiums are calculated based on the risk of the driver being involved in an incident which would result in a claim being made. Among the most important factors which insurers take into account when calculating prices is marital status. Married people may be able to get discounts of up to 30% on their motor insurance because those who are in committed relationships tend to be less likely to be involved in an accident. Furthermore, if both you and your spouse have a car then insuring both vehicles with one insurer may result in further savings and allow you to splash out even more on your honeymoon.
Home Insurance
If you and your spouse own a home then it may be beneficial to check if the company which provides your motor or life cover also offers home insurance. Many providers will offer discounts if you opt to take out multiple policies with them, meaning doing all your business with one company can be very beneficial.
While the cost of your home insurance may not change because you got married, you may need to reassess your home contents coverage. If you or your spouse moved into a home previously owned/rented by your other half, and haven’t altered your coverage since, then it is important to increase your contents coverage accordingly to account for any clothing, furniture or other items of value which they may have brought with them.
AA Membership
If you’re currently an AA member then adding your other half to your membership makes more sense than having them purchase a separate membership. While Roadside Rescue membership normally costs €8.25 per month (or €14.00 for Rescue Plus) you can add your spouse to your membership for just €4.50 per month, giving both of you peace of mind no matter where you are or who is driving.
While these are just a few places where you could potentially make savings, it may be worth discussing any other policies you have, such as health insurance, with your provider to see if your new marital status will have any impact on your policy.
