Getting married means a lot of changes not just in where you live and perhaps your last name, but also in your financial documents—including your auto insurance. When you get married, your risk level can also change, especially if one of you has a poor driving record. Even if this is not the case, it’s a good idea to take into consideration your need for auto insurance and whether or not you should combine policies.
How Does Marriage Impact Auto Insurance?
The good news is that being married may help lower your auto insurance rates. Insurance companies use numbers in an algorithm to determine the risk you present to the company. For those who are younger and inexperienced, the risks—and costs—are higher. Marriage, though, tends to signify a more responsible lifestyle and with that may come less risk and lower insurance costs. Data shows that people who are married are less likely to be in an accident than those who are not married.
Should You Combine Policies?
If you are under contract to maintain insurance for a set number of months, it may not be necessary or wise to change your policy just yet. However, when it comes time to renew your auto insurance, being married can offer certain benefits.
- You may now have more than one vehicle. Bundling policies can reduce your costs.
- If you both have good credit and driving records, this can further reduce your costs.
- You may also want to purchase life insurance and homeowners (or renters) insurance as part of a bundle to save money.
Keep in mind that you'll need to factor in things like the number of miles each person drives each day and the value of each car. In most situations, though, you'll likely save money by combining your policies over the long term.
Remember to talk to your insurance provider about their policy on domestic partnerships and roommates. You may have savings present there even if you are not married.
Car insurance for married couples still needs to cover the risks you face, such as liability risks and coverage for your classic car. Yet, by having two people on the policy, you could pay less for high-quality coverage.
Need assistance with your vehicles? Call Peachstate Insurance at (877) 997-2478 for more information on Savannah GA auto insurance.