Got a car? You're gonna need car insurance. Got a Life? I promise you do, even though you might feel like the answer to that is no if you automatically insert 'social' in front of it. Anyway, you need life insurance.
Car Insurance - do I really have to ...
So you want to drive your car, but how will you handle that. Splitting policies is generally more expensive, and single people are more expensive as a rule, so be ready for sticker shock. The good thing is that you can still bundle your products. I was able to bundle me car insurance with my renters insurance, and still get some discounts. The same would apply as a homeowner, which I have switched to now. Ask for any discounts you may qualify for - if you have an awesome agent, they will be trying to get all of them that you can possibly qualify for by asking lots of questions. My agent asked me if I was a AAA member, if I was a Sam's Club or Costco member, if I had any endorsements on my license, if I had an alarm on my home. Many programs will give breaks for those groups and memberships. And if you aren't yet a member of some of those .. check to see if the discount you'd receive on insurance would offset the cost of the membership - if so, you get a double bonus!
If you still can't find something you can afford, AND you don't have a loan on your vehicle, you could opt for lesser coverage in a liability only policy. I would NOT recommend that, but I know some people have tight budgets and that might be the only option. HOWEVER, the downside of that is that with liability coverage only, you cover the damage to another person's car, but not your own ... which means you lost the transportation for getting to work, and for carpool duty. So, never is that a real option unless the situation is dire. Another option may be getting the cost covered for a period of time by your ex-spouse. I have several friends that have done this until they could get in a better place. Some are willing to do this .. I wasn't so lucky. I'd approach it with the premise that you're driving their children around too, so there is the want for coverage on their part as well. Whatever you do, DO NOT GO WITHOUT COVERAGE! EVER. Not even for a minute. It isn't worth the risk to you, your children, and the others on the road. There are plenty of options, including that big giant company with the little tiny lizard :)
Life Insurance -- Do it.
Let me give you a quick tip, life insurance isn't for you. Life insurance policies make it easier for your family to get through a horrible time. Expenses are always higher than you think, young people never plan for death - and as we get older we forget that we need to change our policies or plans. My divorce decree mandates that I carry coverage on myself for our children's benefit, and my ex-husband has to do the same. The amounts are also mandated and are related to our incomes and personal wishes. Perhaps yours does too .. and if you aren't at that point yet .. PUT IT IN YOUR DECREE! It's a good thing, and it isn't super expensive. You can check with your workplace, some employers offer coverage at no charge to the employee, others offer it at a nominal cost. It's worth looking into that option. If you need to purchase it outside of your employer, go right back to that awesome insurance agent you had for your vehicle and home/renters coverage, and ask them to help. Bundles may apply for that as well, though it is less likely. Again, there are so many choices and I'm not an insurance agent, so I can't even begin to help with specifics, but there are whole life policies, term-life policies, self paying policies, and many more. And don't worry about the health check. Lots of companies no longer require it for people under a certain age, and most of us don't have anything to worry about even if we have, ahem, aged a bit. If you have a policy in place already, DON'T forget to change your beneficiary from your ex-spouse ... that would be a big nightmare for some of us.
Bottom line with any insurance is to shop around. Don't always think you have to stick with the agent you've been with forever. Have the insurance agency shop the best overall companies for coverage. When my oldest daughter started driving, the best, and most affordable car insurance company for her coverage wasn't the cheapest for my homeowners insurance, but the bundled coverage cost less than the cheapest home policy and more expensive car coverage. I know some of you have zero idea how to buy insurance ... count me as one of those people as well, but you've got to get it done! Just tell you agent what you need, they are there to help.Good luck!
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Harper
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