Can you get a joint car insurance policy?
A joint car insurance policy will ensure that either an additional driver or an additional vehicle is added to one policy. Combining policies can save you 25% on car insurance rates.
UPDATED: Jan 31, 2021
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- Joint car insurance is usually defined as car insurance purchased to provide insurance to separate individuals
- A single vehicle should be insured with the primary owner as insured and the secondary driver as an additional driver
- Coverage and deductibles should always be taken into regard when it comes to your joint financial situations
You can access credits on your car insurance by purchasing joint car insurance. Joint car insurance is usually defined as car insurance purchased to provide insurance to separate individuals, no matter what their relationship.
There are different scenarios that may cause you to look into joint policies if you are uncertain read the guide below to help you make an informative decision.
If you are shopping around for a policy, start comparing car insurance rates now by using our FREE tool above!
Times When Joint Car Insurance May Allow Credits
There are times when you are allowed to have joint car insurance, which includes:
- Individuals living in the same household and sharing the use of one car
- Individuals living in the same household with two vehicles
- Married individuals in the same household with two vehicles
Titles and Ownership Requirements for Joint Car Insurance
With regards to title and ownership requirements, the vehicles must fall under one of the following categories:
- Titled in both names
- Titled to one individual with driving privileges allowed to the other
- Marital relationship between the drivers.
It is recommended that the insurance reflects the ownership.
A single vehicle should be insured with the primary owner as insured and the secondary driver as an additional driver.
Ratings for Joint Car Insurance Policies
The rating formula is applied to all car insurance policies, no matter what the status of ownership on the vehicles.
The following rate considerations apply to joint policies, just as they do with other insurance policies.
These ratings are based upon:
- Age of the drivers
- Their driving record
- Distance driven daily
- Credit ratings of the insured
- Location of garaging
Things That Must Be Agreed Upon for Joint Car Insurance Policies
Even though a normal car insurance policy can be canceled by anyone listed on the policy, insurance companies prefer that individuals who live at the same address and purchase insurance together have proof of residence and marital status.
For that reason, questions may arise from the companies such as:
- What qualifies as a domestic partner in your State?
- How many years of living together as domestic partners?
- Financial relationships – sharing expenses?
It would be wise to have a legal agreement setting out the terms of the relationship as regarding finances, shared expenses, and ownership of property.
In a marriage or legal domestic partnership, these are expressed and limited by state law.
Suggested Discussion Points for Joint Insurance Policy Owner
Decisions with regard to deductibles need to be made jointly.
Coverage and deductibles should always be taken into regard when it comes to your joint financial situations.
Before purchasing insurance on automobiles in a joint insurance policy, it is wise to discuss the following points of coverage before asking for a quotation for car insurance:
- Bodily Injury Liability Limits – usually expressed per person and per accident (Example. $100,000/300,000). Legal liability for accidents you may cause
- Property Damage Liability – expressed per accident (Example, $50,000). Legal liability for accidents you may cause
- Medical Payments – expressed per accident (Example, $10,000) – pays for injury to insured relating to medical emergencies resulting from car accidents
- Property Damage – Comprehensive Insurance – damage to the automobile(s) insured for fire, theft, vandalism, hail, flood, animal damage, on an Actual Cash Value Basis
- Property Damage – Collision Insurance – damage to the insured automobiles for collision with other objects, no matter whose fault
- Uninsured/underinsured motorist – protects insured individuals from injury resulting from an individual without insurance
Acquire Several Quotes
Before purchasing auto insurance jointly, you need to determine if it is beneficial to purchase auto insurance together.
If no credits would be allowed for a joint policy, it would be best to purchase separate insurance policies and just have the other individual in your home added as a secondary driver.
Rental companies may require both domestic partners to be covered at an additional premium if you plan to share driving responsibilities.
You may find that this is true in the case of married individuals also, so read the fine print.
Some insurance companies refuse to provide this type of coverage, but it is worth the effort to acquire separate quotes to determine if you can, indeed, qualify for a discount.
Keep in mind, even though you have insurance, you may be in line for receiving monetary penalties for your partner’s accidents.
Several quotes should allow you a variety of insurance companies and premiums to choose from with regard to your insurance.