Modern Couples Redefine Commitment Through Joint Insurance

Couples say they prefer to cement emotional and financial commitments through shared insurance policies instead of traditional milestones like engagements or sharing a home

COLUMBUS, Ohio, Feb. 12, 2025 /PRNewswire/ -- Traditional relationship milestones are being reimagined by modern couples. While relationship decisions such as engagements and moving in together are most familiar, a new Nationwide survey has found that shared insurance policies are emerging as a key symbol of trust and commitment as 42% of respondents view sharing an insurance policy as the modern equivalent of tying the knot, offering both practical financial benefits and emotional significance. The survey, conducted among 1,000 U.S. renting couples highlights how joint insurance policies are redefining modern relationships. 

"Couples today are rethinking how they define commitment," said Michael Moore, Nationwide's VP of Business Optimization. "Shared insurance policies not only provide practical benefits but also symbolize a deep level of trust and collaboration. This survey highlights the need to help couples take full advantage of these opportunities."

Redefining Commitment Through Insurance
Shared insurance policies are increasingly reshaping traditional markers of commitment. Nearly one-third (29%) of renting couples place sharing an insurance policy on the same level as major steps like moving in together (35%), emphasizing its growing importance in modern relationships. This sentiment is further underscored by the following: 

• 35% of respondents say signing up for joint insurance is a bigger step than saying "I love you" for the first time or moving in together.
• 4 in 10 respondents say sharing a joint policy with their partner is most like sharing a streaming password or adopting a pet together.
• 26% of renting couples say sharing a policy makes it harder to break up.

Merging Financial and Emotional Priorities
Almost all couples (89%) agreed that discussing insurance is an important part of financial planning with a partner. When examining their motivations, couples prioritize joint insurance policies for several reasons:  

• Asset protection (73%), and financial savings (69%) were the top drivers among all couples sharing policies.
• 62% believe shared policies are a meaningful way to deepen their relationship and display trust or commitment. 

Education Gaps and Misconceptions Persist
Although joint insurance policies are being used to deepen and redefine modern relationships, a lack of knowledge prevents some from fully leveraging the benefits of this milestone. Less than half of renting couples surveyed reported they were unaware that having a joint policy could provide lower premiums, increased coverage limits and a simpler claims process, emphasizing the importance of education and awareness about the benefits of having a shared policy. Despite the benefits, many couples remain unaware and misinformed of the full value of joining their insurance to a single policy that would cover both (or multiple) vehicles and named drivers. 

The survey underscores a critical need for better awareness about how insurance works.

• Nearly 30% of respondents admit they don't know enough about the benefits of sharing an insurance policy.
• Almost 20% of renting couples erroneously believe you can only drive the car in your name under a joint auto policy.
• Common myths persist, like believing joint insurance requires a joint bank account (17%) or that you need to be married (16%). 

"As modern relationships evolve, couples are seeking ways to merge emotional and financial commitments," said Moore. "A joint insurance policy represent a practical yet deeply symbolic step forward. Nationwide remains dedicated to empowering couples with the knowledge and tools they need to protect their futures while strengthening their partnerships." 

Nationwide's Commitment to Couples Nationwide is committed to supporting couples as they navigate important financial milestones. Insurance companies and states might have different rules for when couples can share insurance policies, the best way to learn about what's available to you is to talk to your agent. Independent insurance agents are the best resource for guidance and personalized solutions tailored to a couple's unique needs, helping to protect what matters most while building a secure financial future together, learn more. 

About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.

For more information, visit www.nationwide.com.

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Lyndsey Kleven
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SOURCE Nationwide