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Car Insurance

How newlyweds can save on car insurance

Does getting married save you money on auto insurance? Read on for useful tips on how you can find cheap insurance when you combine coverages with your spouse.

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Does saying “I do” make you a better driver? According to recent research, married individuals get into less accidents than those who aren’t. Maybe it’s because two minds and hearts are greater than one.

So while you’re busy merging things like your bank accounts, furniture, closets, etc. don’t forget to merge your auto insurance policies to unlock special discounts for married couples.

You can use the money you save for the honeymoon.

You may think that rewarding married couples with cheaper premiums is biased, however there are facts to support the claim that they are safer drivers.

The National Institute of Health found that drivers who had never been married were twice as likely to be in an accident than married individuals.

If you and your spouse or domestic partner have compatible auto insurance policies, you’ll be able to unlock some serious savings if you merge them into one policy.
Compatibility of insurance policies depends on factors like your driving records, credit scores, vehicles, and mileage.

Are all couples eligible for special discounts on car insurance?

Although same-sex marriage has been legal nationwide as of June 2015, some states still offer benefits for domestic partnerships, whether they’re same sex couples or not.

The states that currently offer domestic partnerships or civil unions are California, D.C., Nevada, Oregon, Washington state, Colorado, Hawaii, Illinois, and New Jersey.

In states where these partnerships are in place, car insurance providers can offer married rates and discounts to domestic partners and other LGBT civil unions.

Insurance company websites usually give you the option to select a marital status of “married” or “domestic partnership” when shopping for quotes and apply the appropriate rates accordingly.

Unfortunately, a few states in the U.S. don’t allow marital status to affect rates at all, so even domestic partners can’t receive a reduced rate.

How newlyweds can save on car insurance premiums

  1. If you want to combine policies, but aren’t sure whether to stay with your provider or move to your partner’s, you should both find the time to sit down and research how rates between your previous companies compare not only to each other, but other providers in your area.

  2. Just because you combined policies doesn’t mean the coverage on individual cars has to be the same.
    Older cars that could be easily replaced may not need collision coverage, but your spouse or partner’s new, expensive car definitely does.
    Customizing coverage for each car will keep you from paying unnecessary expenses.

  3. If you decide to keep separate policies, your spouse or partner will still be considered in your rates as a licensed driver living in your household.
    There’s still a chance your rates will increase or decrease depending on your spouse’s driving and financial record.

  4. In some states, insurance providers use credit scores to set their rates. If your spouse has a poor credit score, put the individual with the better credit score as the primary insured. The provider will use this score to set rates.

  5. If your spouse or partner drives a vehicle that is more expensive to insure or they travel significantly more than you in their vehicle, you might want to keep your policies separate.

  6. If your spouse or partner has a horrible driving record, considering excluding them as a driver on your policy. Your spouse won’t be covered on your vehicle so your rates won’t be impacted. However, only certain states offer this as an option.

  7. If your spouse or partner is excluded from your policy, never allow them to drive your vehicle.
    Your policy follows your car and if they get into an accident you’ll be responsible for the cost of damages.
    If you think your spouse or partner will need to borrow your vehicle once in awhile, you should highly consider putting them on your policy.

The Bottom Line: Cheap Car Insurance for Newlywed Couples

Although your current insurance provider may offer you a discount for tying the knot, you should still shop around for other car insurance quotes if you’re concerned about finding the cheapest one.

Comparing insurance companies’ prices, coverage options, discounts, features and customer service allows you to make an educated decision on which provider would best for you and yours.