Does being married lower car insurance rates?
Just Married? It’s Time to Update Your Insurance!
Congratulations on exchanging ‘I dos’ — we couldn’t be happier for you! With all the talk of vows, first dances, and wedding guests, we totally get that insurance might be the furthest thing from your mind. But there are some important reasons why you shouldn’t let that be the case!
You may be surprised to learn that you can actually save money now that you’ve gotten hitched. In fact, this is a great time to review and potentially update your insurance coverage. And when it comes to car insurance, if you let two become one (auto policy that is), you might be able to take advantage of some big financial savings.
Does Being Married Lower Your Car Insurance Rates?
It does! That’s right — married couples frequently pay less for car insurance coverage than single folks. This means that you and your spouse may be able to save on your premiums if you combine your auto policies. But note that you’ll most likely need to show proof of your nuptials to your provider to take advantage of these savings, so keep that wedding certificate handy.
As with all things insurance though, these perks aren’t guaranteed, so let’s take a look at some of the factors companies use to set auto insurance rates — and how those could play into your joint policy.
What Can Impact Your Car Insurance Rates When Married?
Car insurance companies consider several criteria when determining your car insurance premium. These may impact your credit score regardless of your relationship status, but they definitely have some added weight when it comes to auto insurance rates for newlyweds. Some of the factors that might go into your rates include:
Your driving record is the most obvious factor that influences how much you pay for your car insurance policy — whether you’re single, married, or something else. A good driving record generally means cheaper insurance, which is great news for safe drivers. And statistically, married couples are viewed as less risky drivers than single people (no shade to our single friends!), which can result in a lower rate for you as a married couple.
That said, if either you or your spouse has a spotty record (think accidents, speeding tickets, DUIs, or even just a ton of unpaid parking tickets), your rate could increase if you purchase a joint policy. If that’s the case, it’s probably smart for you and your significant other to maintain separate car insurance policies. (Just don’t start bragging that you’re the better driver!)
If your state requires you to list your spouse on your insurance but they’re a high-risk driver, you may be able to add a named-driver exclusion to your policy. This clause states that they live in your household but don’t drive your car. That way, their record won’t impact your rate.
Pro Tip: Since a complex, multi-faceted calculation determines your rate, it's prudent to compare car insurance quotes for joint and separate policies from multiple insurance providers — regardless of your driving history.
Do you and your better half each have a vehicle? If so, you may be eligible for a multi-car discount if you insure both cars under the same policy. You might also be able to save money with a multi-policy discount by bundling your home and auto policies.
Pro Tip: It doesn’t hurt to ask your insurance agent if you’re eligible for any other type of marriage discounts or driver discounts while you’re at it. It may also be worth asking for a free quote with a higher deductible, just in case.
Your credit scores can affect how much you pay for car insurance. And since the data says that married couples often have higher credit scores, you’ll likely have a lower insurance premium as a result.
We want to be crystal clear on the following point: marriage itself doesn’t impact your credit score. To reap the benefits, you and your spouse each need to have high credit scores. If one is significantly lower, you may want to consider keeping policies separate while working to improve that score.
If you and your partner are homeowners, you could also pay less to insure your vehicle(s). That’s because your insurance company sees you as more financially stable than non-homeowners or even single individuals.
Plus, statistics show that married people file fewer claims than other policyholders, which means you and your spouse pose less risk to the insurer. And that’s why they can afford to charge you a smaller premium.
It’s important to note, however, that your potential savings will also vary by state and insurance company. For example, certain states (like Massachusetts) and insurers (like State Farm) don’t offer motorist discounts based on marital status. Check in with your insurance provider to determine whether they offer these discounts — or if it’s time to search for a new policy with Marble.
Conveniently Combine Your Policies with Marble
Marriage may be about love but, to quote our gal Amy March, it’s also an economic proposition. Thinking about combining your automobile policies is one way to make the most of that financial union. At the very least, it gives you insight into your partner’s driving record — though we hope that’s a subject you touched upon long before walking down the aisle. But that’s enough marital advice from us!
But while we're here: keeping you and your loved ones protected is what Marble is all about. So if you want to combine your current policies or look around for new coverage, check out the Marble Marketplace. Then, create your free account to get access to everything you need (insurance-wise, that is) and earn rewards while you’re at it!