Love and Insurance: How To Manage Life Changing Events

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Whether you just found or lost love, your insurance needs will change. In fact, getting married or divorced allows people to buy health insurance outside of the Open Enrollment period, which usually runs November to January. But that’s not all. There are changes to be made with car insurance, homeowners or renters insurance. For instance, married couples save around 20% on car insurance! Even health and life insurance policies need to be tweaked to stay current and accurate. Commercial insurance will be affected too, if you plan to go into or get out of a business with a significant other. As you can see, there is a relationship between love and insurance, so see if you need to make changes to your policies now based on your current love life!

Key Takeaways

  • Avoid strange or incomplete profiles with just one photograph.
  • Avoid giving away too much information about yourself until you know this person better.
  • Video chat before meeting in person and listen to your instincts.
  • Let others know where you will be if you meet someone in person.
  • Avoid driving their car or letting them drive yours. Stay in separate cars for the evening even though you are covered by insurance.
  • Avoid drinking and losing control, which may end up in DUI charges.

Auto Insurance if You Get Married

If you get married, you’ll automatically earn a car insurance discount. If you consolidate plans and have more than one car together, you’ll get a multi-car discount. It pays to fall in love sometimes.

You can opt to still have separate policies if one of you will drag down the credit score for the other. Ask an insurance agent to run the numbers to see which scenario will reap the most savings.

Auto Insurance if You Get Divorced

There’s no reason to stay on a spouse’s auto insurance if you’re divorced. It’s best to cut ways, even if it costs a little more. If you have poor credit, you may pay a higher premium than what you shared with a spouse, so work on paying bills on time and not skipping payments. You should see a reflection of the improvement on your car insurance bills at renewal.

Homeowners and Renters Insurance if You Move in Together or Get Married

When you combine all your possessions and your new partner’s, you’ll need more personal property coverage on your renters or homeowners insurance. It’s a good idea to create an inventory of everything you own, from slippers to Peloton bikes, and not only photograph or video each item, but assign a price for it too. This way, you’ll know how much you need when you file a claim.

Most homeowners insurance and renters insurance plans allow you to add one person to the policy so adding that person on and increasing your dwelling coverage should be all you need to do. Very simple stuff but essential to do right away, in case something happens to your home and possessions

Homeowners and Renters Insurance if You Divorce

It’s important to remove yourself from a homeowners or renters policy if you no longer live in the home or co-own in. If you’re staying and your partner is leaving, it’s important to re-evaluate your existing inventory to make sure that you’re not over-insured now that there is only half of your possessions in the home. The dwelling coverage portion of your home may stay the same, or may need to be tweaked according to inflation, which affects the cost of having to rebuild a home after it sustains damage or destruction.

Most homeowners insurance and renters insurance plans allow you to add one person to the policy.

Health Insurance if You Get Married

If you didn’t buy health insurance yet and thought it was too late to sign up, you can buy a plan together if you get married. Yes, marriage qualifies you for a 90-day special enrollment period. You can also elect to be on one person’s work health insurance plan. Or, you may choose to buy your own separate plan. Everyone has their preferred way of staying covered.

Health Insurance if You Divorce

You’ll no longer be able to be on each other’s plans, so you’ll have to either sign up for a plan at work or buy a private plan for yourself. There are pros and cons to both, but it’s usually cheaper to buy a plan through an employer but you may get a better, more customized plan with more privacy buying on your own.

Life Insurance if You Get Married or Divorced

You’ll probably want to change your beneficiary if you haven’t done so already. Too often, people go on with their lives forgetting they left an ex as the sole beneficiary with no way to turn back time. You don’t have to put a spouse as the main beneficiary, either. You can name a partner, your children or whomever you want to get the death benefit.

Commercial Insurance if You Start a Business Together

Some people make great partners outside the home too! If you and your partner run a business together, make sure you are both listed on the policy. Look closely at the business and evaluate what types of coverage you need based on the industry. If you’re unsure, call 855.214.2291 and ask for a commercial insurance quote. Based on your line of business you’ll be paired with several agents. You can compare rates and ask what types of coverages you need. Most businesses have at least a general liability policy. You may need commercial insurance if you run a business from home too.

Commercial Insurance if You Divorce

If you divorce but are still running a business together, both of you should stay on the policy as policyholders. Both of you need to contribute towards premiums, so make sure you figure out how you’ll do that before you miss an important payment.

If you’ve gone this long together without commercial insurance, make sure to get protected now, in case you ever have to close your business due to unforeseen circumstances and if there are losses or injuries related to the business.

Also, if you have employees, you’ll need workers compensation coverage.

If you’re unsure which types of coverage are right for your business, your best bet is to speak with an honest and knowledgeable insurance agent who knows your industry’s risks. Call 855.214.2291 and ask for a commercial insurance quote to get in touch with three agents, who will give you different rates and recommendations. You choose who fits your needs best and at the lowest price.

Bonus Section: Looking for Love on Dating Apps

For those of you going your separate ways, we know you’ll find love again but want you to do it safely. You can never be too careful when it comes to online dating. Dating apps only give you a glimpse at the people you’re interested in getting to know. While sifting through these people, be vigilant and protective of yourself. Get to know the person slowly while looking out for red flags. When meeting in person, avoid putting yourself in harm’s way and keep a friend or family member aware of your whereabouts at all times. A date can be fun, but until you really know someone, keep the following tips in mind.

25 Tips on Staying Safe on Dating Apps

  1. Avoid getting acquainted with people who have suspicious profiles that lack information and social media links. If someone is not invested in spending some time on their bio and questions, they may not be a safe person to start a relationship with.
  2. Avoid profiles with only one photograph. Again, when there’s no evidence of that person and insight into who they are, work under the assumption that it may be a fake profile or that the person is hiding something.
  3. For your profile picture, use a photo that you do not use on social media so they can’t search the image and find out more about you than they need to know. You need to be protective of your personal information until you know this person is safe to acquaint.
  4. Don’t give out too much information about yourself at first, not even your last name. Don’t give out your company name or home address. This person does not need to know where you live yet or know where to find you.
  5. Beware of scams where the prospective date asks you for a 2-factor authentication code. They may be trying to hack into your bank account and email. There is never a need to give a code to someone you meet on a dating app.
  6. If they send you a text with a link, don’t click on it. It may be a phishing or malware scam. Again, there’s never a reason to send a link after meeting on an online dating site. If they are showing you their portfolio or something like that, it may be a legitimate link but don’t count on it until you know this person better. Ask for the URL instead.
  7. Don’t feel rushed to meet until you feel comfortable. If the person is not spending time trying to get to know you, they will probably not be someone you want to date. Worse yet, they may not be a safe person to meet. Push back and see if they drop off. If they do, it’s probably for the best.
  8. Find out more about them before agreeing to a date. See what comes up when you google their name. If there are links to their social media, see what kinds of posts they write. You’ll learn quite a lot, possibly even that they are married! It’s good to play detective before committing to a date.
  9. Use an app that keeps your phone number private once you leave the dating site. Don’t give out your phone number until you know this person.
  10. Stop contact if the person you’re chatting with asks you for money, regardless of what for.
  11. Stop contact if they are not answering your questions or giving vague answers, The point is to get to know them before you meet in person, not the other way around.
  12. Stop contact if the person reappears on the dating app with a new name, no matter the excuse they give for it.
  13. If the person is working abroad but says he’s from the U.S., it’s best not to take a chance on this person, who may be a scammer overseas.
  14. Avoid people who pressure you for personal information, like your home address. Don’t fall for it if they say they want to send you something. It’s too soon to be sending gifts anyway.
  15. Video chat before you meet in public. Do not skip this step if they keep insisting on meeting instead. Trust your instincts if something feels off about the encounter while you’re talking with them on Facetime or Zoom..
  16. Meet in a public place. Don’t go to the date’s home and don’t invite them over. You’re still feeling this person out to see if you want to get to know them better. A neutral setting like a restaurant, bar or coffee shop is best.
  17. Make sure you have your health insurance card on you in case there’s a medical emergency.
  18. Always tell someone where you will be going to meet your date. Text or call if you decide to change locations after you meet up.
  19. Turn on your Find My Friend app on your phone so your friend or relative knows where you are at all times.
  20. Don’t let a date drive your car. Not only is it dangerous if they decide to take you elsewhere, you don’t know if they are a good driver, You would be covered by car insurance for giving permission but an accident is not the only thing to worry about.
  21. Don’t drive their car. It’s never a good idea to consolidate cars on a first date, especially with someone you met online. You’d be covered if they gave you permission to drive their car, but it is unwise to get in their car much less drive it.
  22. Avoid drinking too much and losing control. If you know you’ll be drinking more than a couple of drinks, take an Uber. A DUI is the last thing you want to end your date with. It will raise your car insurance rates significantly, and there will be lots of penalty fines.
  23. It’s never a good idea to leave your drink unattended, even if it’s to use the restroom. Get a fresh drink if you leave the table for any length of time.
  24. Give your friend/relative an estimated time for when you’ll be home. Contact them during the date to let them know you are okay and if you’ll be late.
  25. It’s wise to avoid going home with the date even if everything goes perfectly. There’s still more you may want to know about this relative stranger before you spend the night.

If you and your partner run a business together, make sure you are both listed on the commercial insurance policy

Whether you’re going solo or are living with or marrying someone, it’s a good idea to go over all your insurance policies to make changes that reflect your new life. Plus, you may save money. To save the most, always compare insurance quotes.

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