“Resident Individuals as Named Insureds Supplemental Application.” This is essentially a form both parties sign, stating that they share the primary residence, they both intend to maintain the joint household on a long-term basis and that it imposes joint obligations when it comes to the responsibilities of the insurance agreement. Unless you plan to marry or know you are going to be together for a long time, I would suggest having your own insurance to avoid any issues. However, if each of you is the sole owner of your car, you’ll probably each need your own policy. If you’re likely to drive each other’s cars, you will both need to put the other person in your policy as an insured driver. (Most insurance companies will have you list all the drivers in your home.) A couple things to keep inmind— if the other person has a bad driving record or credit score, this will cause your premiums to go up. Does auto insurance cover motorcycles? No. Motorcycles require separate motorcycle insurance. If I decide I don’t want to get my car fixed, will the insurance company give me cash? Most likely, yes. The majority of insurance companies give you a cash option. Some of themwill give you whatever it would cost to fully fix your car, while others pay an appearance allowance, which covers the loss of value to your vehicle. What are the most important things to ask my insurance agent?
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