By Erin Nielson with contribution from Stacey Taylor, MetLife
A divorce will spur some necessary changes to your home and auto insurance coverage.
Even long after divorce, our clients continue to have questions about their insurance, particularly as it relates to providing car insurance coverage for their teens as they begin to drive. As anyone with a teen driver knows, the cost to insure them can feel overwhelming. Although both parents can reap the benefits in convenience when a teen begins driving, the cost often is borne 100% by the custodial parent. Please contact the lawyers at Wilchins Cosentino and Novins to discuss how best to address this issue in your divorce or modification.
Our clients also ask us questions better answered by someone with insurance expertise. We recently posed some of these questions to one such expert, Stacey Taylor a Massachusetts licensed insurance agent for MetLife with nearly twenty years in the industry.
What can people do to save money on their home and/auto insurance?
Definitely shop around! Obtain quotes from various insurance carriers as each one has different rates when it comes to inexperienced drivers. Many insurance companies offer good student discounts so be sure to ask about that. Keep the auto and the home policy bundled with the same company whenever possible to maximize discounts. Also, have a discussion with your agent about the coverage you have as you do not want to sacrifice the appropriate coverage to save money. And don’t overlook relationships your employer may have for discounted coverage with a particular carrier. MetLife has relationships with many large employers and I often can save people money when they switch.
When and how can I get my soon to be ex off my auto policy?
While you cannot remove your soon to be ex-spouse from a joint auto policy, you can create a new policy of your own. If your vehicle is registered in your name, you can purchase a new insurance policy for only yourself and your vehicle. Then remove yourself and your vehicle from the joint policy.
My former spouse and I share custody of a teen driver. Whose policy does he/she need to be covered under?
This can be confusing, and I like to talk people through the details. In general, the child only needs to be “rated” on one policy, not both. The minor child would need to be “listed” as a driver on both policies, but only needs to be “rated” on one policy. This means only one policy would pay the increased premium. However if there is an extra vehicle that the minor child is primary driver of, the child should be rated on that policy. Whoever holds the registration on that vehicle would provide coverage under their policy.
Stacey Taylor is a MetLife insurance agent licensed in MA, ME, NH.