How to Save $$$ on Insurance as a Newlywed
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This month, I had the opportunity to sit down, interview-style, with insurance agent, Emily Romeyn, and get all the secrets on how to save money on insurance as newlyweds. I mean, who wouldn’t want to pay less in insurance and use those savings to maybe buy a little more Qdoba? (Sorry, Chipotle). Keep reading to be in on the insurance-saving, Qdoba-funding, dare I say, magical ways to have some more jingle in your newlywed pocket.
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L: So, Emily, tell us - what kind of insurance do newlyweds have the opportunity to save money on?
E: Newlyweds can utilize their rental, home, and auto policies to take advantage of these savings. The best way they can do this is by combining their two individual policies into one.
One thing to note is most companies I work with actually only run the credit score of the first applicant. That’s a huge benefit if one spouse doesn’t have the best credit. We simply put the spouse with the better credit as the first applicant. There is room for strategy in that specific scenario.
I would tell newlyweds that if they keep their individual policies, still check in with their insurance agent because they could have the opportunity to be rated differently. Insurance companies often think of you as a lower risk if you are married versus not.
L: What’s an estimated savings amount that they could expect to be available?
E: This really just depends on the individuals and the situation. A lot of factors go into this like what their credit scores are, what they are combining, their associated risk through the insurance company’s eyes, and so on. The best route to find out a realistic savings amount is to check in with me and we can dive into those specific factors a little more.
L: Is there an expiration date on these saving opportunities that they should be aware of?
E: Nope! Obviously, the sooner you take advantage of the savings the better for your wallet. But, in reality, the potential savings are always at their fingertips.
L: Okay, this sounds like SUCH a good opportunity for newlyweds. What steps need to happen to take advantage of the potential savings?
E: I would say the first step is to combine your health insurance policies to be on one policy together. When we work together, we can actually coordinate your auto and health insurance policies to save you some dollars down the road. Part of auto insurance is medical coverage. Typically, I like to see this as unlimited coverage. Plus, it covers you lifelong. However, as you can probably guess, unlimited lifelong medical coverage can be expensive. When we coordinate your health insurance and auto insurance, we actually can get a letter from your health insurance stating if medical coverage were needed, the auto insurance company can bill the health insurance company first. This is a great benefit that allows you to have amazing coverage at a potentially lower cost.
The second step would be to call your insurance agent to notify them of the changes. It’s really as simple as that.
The other thing I would add is if they are changing their last name, it is usually helpful to have this completed before changing and combining policies first. It really saves you the headache of having to notify us again later down the road. Of course, you can still do this at a later date but it’s often just easier to have it complete before.
L: How do you personally help your customers shop for the best insurance deals? What can they expect?
E: Great question! First step is getting to know them. This is important not only to build that foundational relationship but also we need to get a better understanding of what is important to them and what we need to insure.
From there, I use a comparative rater which compares about a dozen of our top insurance companies. I evaluate not only the pricing each insurance company is offering but also what I know about the company in general. For example, one of our top companies offers a 24/7 call center. If I have a customer who works an odd shift and the 9-5 schedule just doesn’t work for them, this might be a good company for this specific customer.
After I determine the best of both worlds between the pricing and any special circumstances, I present the quotes to my customers. I always send a video proposal going over the quote that walks them through everything they need to know. I find the video proposal to be super helpful for my customers.
The last step is for the customers to decide on a company that will be best for them and we proceed with getting the new policy in good order. That’s it!
L: Emily, I understand you are an Independent Agent. What does that mean in the insurance world and why should newlyweds work with you?
E: As an Independent Agent, I have access to - literally - hundreds of companies. We don’t have our own insurance products that we are trying to sell. Our goal is to get the best price possible for our customers.
On the other hand, an insurance agent who is not an Independent Agent is tied to that company. They only have their company’s products that they are looking at. Often, in order to be competitive in terms of pricing, they will sometimes cut coverage in not the best ways mainly because they can’t just shop the next company. Where I, as an Independent Agent, just keep shopping with other companies if the price isn’t what the customer is looking for.
The other thing is let’s say a customer renews their policy and comes to find out their price has increased. If you are working with me, we can continue working together but we simply find a new company with a different policy. Someone who is not an Independent Agent is tied to that company so more than likely, the customer is left trying to find a new agent. Not ideal.
Also, who else hates the 1-800 numbers? Plenty of us. When working with me, I act as your middle man in case of a crash or something happens. You don’t just have to call that annoying 1-800 number and wait on hold. I’m here to help.
L: Wow. Seriously such good info, Emily! Is there anything else you would say to newlyweds that may be beneficial?
E: I would say getting married is a great time, in general, to review and make sure everything is covered properly as you are starting to build a life together.
Something to note is that when you move in together, the belongings of the other person are not just automatically covered - even when you get married. Notifying me of your changes is going to be the best route to take so we can make sure all is in good order.
I also recommend newlyweds do a simple video walkthrough of everything you own. In case of an emergency, you don’t need to try and remember everything you owned in an already stressful situation. I would encourage them to make this a priority to start their new life well prepared.
L: Thank you, Emily, so much for your words of wisdom! How can newlyweds get in touch with you if they want to act on these insurance savings?
E: Absolutely! They can shoot me an email at emily@westmichgianins.com or call my office at 616-866-3180. Can’t wait to connect!
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I wasn’t joking when I said Emily would fill you in on some amaaazing and simple ways to save some cha-ching. But really though - what are you waiting for? Emily is here to assist you and answer all your questions along the way. Insurance savings (and Qdoba) are right around the corner!
About Emily…
Emily Romeyn Is an Independent Insurance agent In Grand Rapids Michigan. Pairing families and individuals with insurance that fits their unique life and needs is her specialty. She is a certified personal insurance specialist.
When she is not working you can find her spending time with her husband and two sons, taking photos, or attempting to re-create something she saw on Instagram. She is Michigan born and raised and loves this beautiful state (when it's not freezing).
P: 616-866-3180
About Leanne…
Leanne Rahn is a Fiduciary Financial Advisor working with clients all over the US. If you don’t know what a Fiduciary is, Leanne encourages you to look it up (or even better - check out her website!). She swears you won’t regret it. Women entrepreneurs, newlyweds & engaged couples, and families who have special needs children are Leanne's specialties.
She loves a good glass of merlot, spending time with her hubs and mini Goldendoodle, and all things Lake Michigan. She could listen to the band Elevation Worship all day long and is a sucker for live music.
Here, at Fiduciary Financial Advisors, we take our fiduciary oath seriously. We hold these five principles:
I will always put your best interests first
I will avoid conflicts of interest
I will act with prudence; that is, with the skill, care, diligence, and good judgment of a professional
I will not mislead you, and I will provide conspicuous, full, and fair disclosure of all important facts.
I will fully disclose, and fairly manage, in your favor, any unavoidable conflicts