Should We Combine Auto Insurance Policies?

When your life circumstances change, it’s likely that your auto insurance may need to change as well. Getting married, finding a roommate, or welcoming a teen driver into the household are common events that cause people to question their existing coverage. When these things happen, many Fort Lauderdale, FL residents wonder if they should combine auto insurance policies or maintain separate contracts. While each situation is unique, these key points from Coastal Wealth Insurance LLC may help you decide the right move for you.

  • Consider the risk. Insurance companies use risk measurements to decide how much your premiums should be. Young drivers, those with less experience, or drivers with a history of accidents or violations can raise your risk, which negatively impacts your premiums.
  • Think about credit. Your credit score is just one of the many pieces of information considered when calculating your auto insurance premiums. If the person you’re thinking about combining your policy with has a history of poor financial decisions, adding them to your policy could raise your risk and your rates.
  • Are they in your household? You can’t add someone to your policy who doesn’t live at the same address. However, your college student may still qualify. talk to your insurance agent to find out more.
  • Look at the vehicles. High-value vehicles cost more to insure because they cost more to replace. If your potential contract partner drives a super fancy sports car, it may not be worthwhile to add them to the coverage on your minivan.

Adding additional members to your auto insurance policy is a great way to simplify your life and possibly receive multiple driver discounts. Call Coastal Wealth Insurance LLC to find out more about sharing insurance policies in the Fort Lauderdale, FL area.