Splitting a partnership can be very challenging. Emotional, legal, and financial concerns, and it can be easy for things to fall through the cracks. However, as you’re dividing and redrafting legal and financial assets among each other. It is important to revisit your auto insurance policy as well.
First and foremost, you’ll need to remove your ex-spouse from your existing policy so that he or she can purchase a separate, individual policy (or vice versa). You may be able to split your original, joint policy into two new auto policies. That way, you’ll be pre-qualified for coverage. It is also important to keep in mind that your agent represented both of you when you were married and it it his or her job to contact the other parties to inform them of the changes that need to be made. So please let
your agent know how to get in contact with the other parties.
As your marital status changes, so will your needs, for instance you may no longer benefit from a multi-car discount, and your housing situation may be different. But a decrease in assets might mean that it’s time to re-adjust your coverage limits. (With fewer assets to protect, you may now need less coverage, which could reduce your premiums.) If your budget is tighter, you may want to investigate reducing your Comprehensive Coverage. Or raising your deductible.
Regardless, there’s a lot to consider, and each situation is different from one another. So be sure to talk to your agent about your unique concerns, needs, and changing financial situation. Your agent will work closely with you to make this transition as smooth as possible, with an eye to keeping your new premiums down and making sure both parties are still covered.