How getting married affects your insurance

As fall wedding season approaches in Canada, insurance is probably the last thing on your mind amid the excitement of celebrations. Marriage is a recognized life event that touches nearly every policy you own, and a few you probably need. How does getting married affect your insurance? More than most couples expect, and acting within 30 days of your wedding makes the process significantly smoother. Here's what to update, combine and review so your coverage reflects your new life together.

What insurance to update after getting married

Marriage isn't just a personal milestone. It's a financial one too, and your insurance should reflect that. Some policies have enrolment windows, so prompt action matters. The areas that need your attention most immediately are your auto coverage, property insurance (home, condo or tenants), life insurance, jewellery protection and beneficiary designations. Each one is manageable, and several of them can save you money when handled together.

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Combining auto insurance after marriage

One of the first questions newlyweds ask is whether to put both cars on one policy. Combining auto insurance after marriage is usually the more cost-effective move. Many insurance companies offer a marriage car insurance discount, viewing married drivers as a lower statistical risk. You may also qualify for a multi-car discount when you add a spouse to your auto policy on the same plan.

That said, it's not automatic. If one spouse has a recent at-fault accident or violations on their record, combining policies could raise the other's rate. Cancelling a policy mid-term can trigger fees, so timing your renewal date is worth considering. Run a quote comparison before you assume that combining saves money. It usually does, but not always.

Tenant insurance for newlyweds

If you're both renting, how you handle coverage depends on whether you're sharing one address or still living separately. Tenants insurance for newlyweds moving into the same dwelling works by adding your spouse as a named insured on an existing policy or starting a fresh joint policy together. If you're maintaining two separate addresses, you each need your own policy and both spouses should be listed on both. Liability coverage is tied to your address, and personal property has limitations when it's located outside of the insured address. Either way, reassess your coverage amounts once you're settled. Two people means more belongings, and your previous limit may not be enough to cover your combined assets.

Protecting your engagement ring and wedding jewellery

Your engagement ring is likely one of the most valuable things you own, and a standard policy probably won't cover it fully. Most property policies cap jewellery coverage at $1,000 to $2,500, which is far below the replacement value of many rings.

A jewellery rider, also called a scheduled personal property endorsement, lets you insure a specific item for its full appraised value, typically covering loss, theft and even accidental damage.

Get your ring professionally appraised, then contact your insurance company to add a scheduled personal property endorsement. It typically runs $1 to $2 per $100 of appraised value, affordable peace of mind for something irreplaceable. For example, a diamond ring appraised at $4,000 would cost about $40 to $80 a year to insure.

Don't forget to update your beneficiaries

Getting married does not automatically update beneficiaries on existing accounts, and this surprises a lot of couples. A life insurance policy or retirement account you opened years ago may still list a parent or former partner. Go account by account and update everywhere: life insurance policies, Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), Registered Retirement Income Funds (RRIFs), bank accounts with designated beneficiaries and any investment accounts with transfer-on-death designations.

Bundling home and auto insurance

Bundling home and auto insurance with one carrier is one of the easiest ways newlyweds can reduce their total premium. Carrying multiple policies with the same company often unlocks a multi-policy discount and simplifies your billing and renewals to a single point of contact. Before assuming your current insurance company has the best rate, it's worth shopping around. A VIU by HUB broker can compare options from multiple insurance companies on your behalf at no cost to you.

Your newlywed insurance checklist

Now that you know what changes when you get married, here's your action plan. Most of these steps take one phone call or a quick login, and getting them done early means less on your plate as you settle into married life. Work through this list at your own pace and lean on a VIU by HUB broker if you want a hand.

• Decide whether to combine or keep separate auto policies – Compare quotes both ways before making a move. Combining is often cheaper, but the right answer depends on both your driving histories and your current insurance companies.
• Consolidate property insurance into one policy – Add your spouse as a named insured and reassess your personal property coverage amount to reflect your combined belongings.
• Get your engagement ring and bands professionally appraised – Aim to do this within 30 days so you have current documentation of the value before adding a rider.
• Add a jewellery rider to your property insurance policy – A scheduled personal property endorsement covers your ring for its full appraised value, including loss and accidental damage.
• Review life insurance coverage and consider new policies together – Marriage is one of the best times to buy or revisit life insurance while you're younger and rates are in your favour.
• Update beneficiaries on all insurance, retirement and financial accounts – Review all accounts and make sure your spouse is listed everywhere, including your RRSP, TFSA and any accounts with designated beneficiaries.
• Explore bundling home and auto for potential savings – Carrying both policies with the same company can unlock a multi-policy discount and simplify your billing down to one renewal date.
• Notify your insurance company of any name change – A name change needs to be reflected across every policy you hold to avoid any gaps or confusion at claims time.
• Schedule an annual insurance review as a couple – Your coverage needs will grow as your life does. Planning a yearly check keeps everything aligned as you hit new milestones together.

A VIU by HUB broker can review your full picture and help you identify any gaps in your insurance.