When you get married or even when you are living together you will be looking at many expenses together and join forces to reduce them. Then you would be happy to know that there are ways to bring down your overall premiums. You need to look at your options in line with your personal preferences and see what would be the best arrangement now that you are sharing your life with another person.

Statistically speaking married people cause a lot fewer accidents and therefore considered to be safer drivers. Having someone else in your life and especially being a parent probably makes people think twice before they engage in risky driving practices. Whenever the risks are lower this generally translates into lower premiums as well in the world of vehicle insurance.

First of all you need to inform your respective insurers that you are now living with another driver in the same household. Companies want to know if there is another driver in the same house regardless of them being related to you or not. You are likely to be noted in each other’s policies as the other drivers. This could affect the premiums positively or negatively depending on driving records, experience and age.

If you both have good driving history, no lapse in your policies and no recent claims you are likely to save a lot of money by combining your policies rather than keeping them separate. Multi-car policies can be really economical. In that case, you can get quotes from each carrier if they are separate as well as checking other providers to find the best deal. Cheap Auto Insurance.net is a good site to get several quotations and look at your options properly.

If you want to keep separate policies you can still save money by moving both policies to the same company. If one of you is getting great deals the same company can offer similar discounts to another member of the family. If you want to keep things separate for whatever reason you can still benefit from good records kept by your partner.

What If One of You Have Bad Driving History?

When one of you have poor driving records or bankruptcy in his/her name this could have a negative effect on the other partner’s or on a joint policy premium. The fact that a bad driver has access to your automobile keys has to be taken into account by your carrier and premiums adjusted accordingly. However, this could be dealt with minimum damage.

Providing state laws allow and your insurer agree you could exclude the partner with bad records from the other’s coverage. Generally, there are two requirements before this can be considered. The person to be excluded must have his/her own car and policy coverage. Exclusions work both ways. While they allow you to get lower rates they protect the company against claims. In other words, the company wouldn’t pay for any damages and injuries caused by an excluded driver.

Legal Consequences of Owning Joint Vehicle Insurance Policies

You need to know that the term “joint” has significant legal meaning. If any one of you causes injuries and damages as a result of a vehicle accident your insurer would get involved and pay for them up to your policy limits. However, third parties with losses can sue any one of you or both of you regardless of who was driving at the time. In other words, you are jointly responsible for any claims brought against any one of you.

Divorce and Automobile Insurance

Unfortunately you will need to separate your policies as well when you get divorced. If you have teenagers on your joint policies they usually go on the policy of the parent who keeps them. When you have joint custody or children are spending time and have access to the cars of the other parent you need to talk to your insurer or broker about it.

There are a few points to consider when you are with another person. You should spend a little time to look at your options in order to maximize the benefits and reduce the negative effects. Normally, you would need to do this once and keep benefiting from new policy arrangements year after year as they get renewed.

emotions and storageSo, how do emotions, money, and a storage unit all relate to one another? I’ll tell you.

Someone I know, a nice person I might add, ended a long-term relationship a number of years ago. Actually, it was about 5 years ago. Clearly, the end of such long-term relationships can be difficult, and apparently this one was very much so.

Anyway, with relationships ending there are often issues that arise afterward. Sometimes they can involve finances, logistics, and sentimental concerns. We can come up with so many example of how each of these factors can come into play when a relationship is over.

The example I have for you involves each of them. The person who dealt with the situation had a full set of apparently really nice furniture that was purchased as a part of the relationship. Also, this was furniture that was not only nice, but struck some kind of emotional cord. It seems as if it was custom-made, highly unique, and seemingly the product of a lot of time and effort to find dream furniture. Plus, as tangible items that you can visually see, they probably represented the relationship in one way or another.

So when the relationship ended, this the couple went their separate ways – and this individual put the furniture in a storage unit. The area in which this storage unit is located isn’t cheap, and it probably costs $150 per month.

You might already see where I’m going with this.

She kept the furniture in storage for almost 6 years. I think (from what I was recall being told) this included a sofa and bedroom furniture. Apparently very nice furniture, from what I was told.

But think about that estimated $150 per month cost. That’s $ 1,800 per year. Over 6 years, we’re talking about $10,800 spent on storing furniture!

Now, I’m not sure how much was spend on the furniture, but would a bedroom set and a sofa cost over $10,000 for most people? Probably not, though if this was exceptionally nice stuff maybe it cost that much.

Regardless, the residual value at this point simply can’t be that great. How much will someone pay for used furniture that’s probably at least 10 years old – even if it’s been stored for a good percentage of that time? Again, this isn’t to poke fun of a nice and intelligent person, but rather to point out that emotions can often influence our finances in a big way.

My assessment is that at this point, money is being spent every month for basically nothing in this case. For what purpose? Emotions, apparently.

My Takeaways:

When making money decisions, try to be objective and separate out emotions when possible

Money issues can emerge in all kinds of unexpected ways in relationships (even when they’re over!)

Be careful when getting a storage unit! It’s a tangential takeaway, but worth noting that a lot of money can be very easily spent without you thinking about it once it’s set up. Recurring, automated payments have a way of lulling us into a sense of complacency!

Question for You:

Can you see how this can be easy for someone to fall into this trap, or do you have a hard time understanding situations like this?

Money and Parents: Communication is Key

When it comes to money and parents, communication is often different than it might be in other circumstances.  Money can be a topic shrouded in secrecy, either on purpose or when individuals are  held back by feeling uncomfortable talking about the subject.  Sometimes, people just don’t communicate about important things in general, and financial discussions (or the lack thereof) are simply a byproduct […]

Read the full article →

Did You Marry Someone Just Like Your Mother (or Father)?

The following post is by staff writer Melissa Batai You’ve likely heard the saying often enough, “She married someone just like her father,” or “His wife is just like his mother.” Sometimes this can be a compliment such as when a woman has a kind, caring, compassionate father and marries a man just like him. […]

Read the full article →

Money Mistakes Couples Make When Dating

Recently, I shared with someone my thoughts on different types of money mistakes that couple make throughout different times of life.   It’s interesting how many of these issues can be so different at the various stages of life. On the other hand, some of them involve some common themes too. With that being said, I […]

Read the full article →

Will Gold Rise to the Occasion?

The value of gold saw its peak in 2011, reaching a record breaking price of $1924 per ounce. In 2013, gold experienced a dramatic price dip, which resulted in losing nearly a quarter of its value. It wasn’t a good year for gold, and it had investors wondering if the price would continue to decline. […]

Read the full article →

Pros and Cons of Investing in Target Date Funds for Retirement

Should you invest for retirement by using target date funds? Good question, and it’s one that each person our couple should answer for themselves based on an assessment of the pros and cons of target date funds. Like many of other decisions when it comes to money and relationships, this could be one where people […]

Read the full article →

A Surprising Visit to a Thrift Shop

When it comes to shopping, as you can probably tell, I’m someone who has self-control. At this point, I’m not likely to be over the top with big purchases. That’s not to say that I never get tempted, because I do. However, I’ve managed to stay the course living a comfortable enough middle-class existence without […]

Read the full article →

10 Ways to Enjoy Summer Weather Without Spending Much Money

Depending on where you live, you might have spent much of the winter and early spring indoors. Where I live, it was a particularly brutal winter in terms of both cold temperatures as well as snow. It’s time to be outdoors more often now that the weather has gotten warm! Enjoying the warm weather can […]

Read the full article →

How We Make It Work: Joint Finances

The following post is from staff writer Melissa Batai When it comes to the topic of separate or joint finances after marriage, people are passionate about their preferences. Those who have joint finances can’t imagine having separate finances and vice versa. There’s no right way; you and your spouse just have to do what works […]

Read the full article →