Yes, getting married can often lower your car insurance premiums. Insurance companies generally view married drivers as less risky, resulting in lower rates. Married drivers pay about 5% to 15% less for the same coverage compared to single drivers. For instance, a married couple might pay $2,122 on average for car insurance annually, compared to about $2,413 for single drivers.
Additionally, married couples can combine their policies to unlock multi-car discounts and other savings. Getting married is an opportunity to reduce your insurance costs, especially in Illinois. If you’re looking to explore how marriage can benefit your car insurance rates, give Insure on the Spot a call at 773-202-5060.
Why Do Married People Pay Less for Car Insurance?
Insurance providers typically offer lower rates to married drivers because they are statistically safer on the road. Here’s why:
Safer Driving Behavior
Studies show that married drivers are less likely to engage in risky behaviors, such as late-night driving or speeding, compared to their single counterparts. Marriage tends to promote more cautious driving habits, particularly because of family responsibilities. Insurers take this into account, offering lower premiums to married couples.
Lower Risk Profiles
Married couples often maintain a more stable routine. With two drivers in a household, the average number of miles driven per person is often lower, reducing exposure to accidents. Insurers reward this stable lifestyle by offering more favorable rates.
Financial Stability and Credit
Married individuals typically have more financial stability, often with dual incomes and higher credit scores. Insurers see these factors as indicators of reliability and responsible behavior, which translates into lower premiums. This is particularly relevant in Illinois, where financial stability plays a significant role in insurance pricing.
Should Married Couples Combine Their Car Insurance Policies?
Yes, combining your car insurance policies after marriage can lead to significant savings. Here’s why:
Multi-Car Savings
Most insurance providers offer a multi-car discount when you insure more than one vehicle on a single policy. For married couples, this means insuring both cars together can reduce your total premium by 10% to 25%.
Unified Coverage
By combining policies, both spouses will be listed as drivers on all vehicles, ensuring coverage no matter who is behind the wheel. This eliminates potential gaps in coverage that could arise from swapping cars between policies.
Bundle Opportunities
Marriage often means combining more than just vehicles. If you own a home, you can bundle your auto and home insurance policies for even greater savings. Many insurers offer multi-policy discounts, which can lead to substantial savings for married couples. This is especially relevant in Illinois, where bundling home and auto insurance can save you hundreds of dollars annually.
When Should You Keep Separate Policies?
While combining policies is generally beneficial, there are situations where keeping separate policies may make more sense:
One Spouse Has a Risky Driving Record
If one spouse has a poor driving record, adding them to a joint policy could raise the premium significantly. In this case, it might be cheaper to keep separate policies. Always compare quotes to ensure you’re getting the best deal.
Significant Difference in Vehicle or Coverage Needs
If one spouse drives a high-performance car while the other drives an older model, combining policies may cause the premium to increase due to the higher risk associated with the expensive vehicle. In this case, it may be better to insure the high-value car separately.
Living in Different Households
If you and your spouse live in different households for part of the year, each of you will need to maintain separate policies for the vehicles you keep at your own residence. This is important to ensure proper coverage.
How to Update Your Car Insurance After Getting Married
After you get married, it’s essential to update your car insurance. Here’s a step-by-step guide:
Notify Your Insurance Company
Contact your auto insurance provider and inform them of your marital status. If you’re combining policies, provide the necessary details, such as your spouse’s driver’s license number and vehicle information.
Provide Your Spouse’s Details
You’ll need to provide your spouse’s information, including their driver’s license number and previous insurance details, if applicable. This ensures that your insurer can accurately assess your combined risk.
List Vehicle Information
Make sure to list all vehicles under the joint policy, including details like the make, model, and VIN. You’ll also need to designate the primary driver for each vehicle.
Review and Adjust Coverage
Now that you’re married, it’s a good time to review your coverage needs. You may need to adjust your liability limits, add comprehensive coverage, or consider additional protection like roadside assistance for family trips.
Finalize the Policy and Payment
Once your insurer has all the necessary details, they’ll provide an updated premium. You can choose to pay in full or adjust your payment plan based on the new premium.
Cancel Redundant Policies
If you previously had separate policies, you’ll need to cancel the old one once your new combined policy is active. Be sure to avoid any lapses in coverage.
Shop Around and Compare (Optional)
It’s always a good idea to compare rates from other insurers. Marriage might change your risk profile, and another provider could offer a better deal. Always check for the best rates before canceling your old policy.
Car Insurance Discounts and Savings for Married Couples
Marriage often opens up opportunities for additional discounts. Here’s how you can save:
Lower Base Rates for Being Married
Most insurers give married couples a slight discount simply for being married. This discount is typically built into their rate structure, offering savings on your premium.
Multi-Car Discount
Insuring multiple cars under one policy often qualifies you for a multi-car discount, which can save you 10% to 25%. This is one of the most common ways marriage leads to reduced premiums.
Multi-Policy Discount
If you bundle your home insurance with your auto insurance, many insurers offer a significant discount. This is especially beneficial for married couples who own a home.
Married/Partner Discount
Some insurers provide an additional “married discount.” This is a small discount that reflects the lower risk of married drivers, which might be automatically applied to your premium.
Safe Driver Discounts & Defensive Driving
If both spouses have clean driving records, you can benefit from good driver discounts. Additionally, taking defensive driving courses can earn you extra savings.
Frequently Asked Questions (FAQs)
Q: Does being married actually lower your car insurance rates?
A: Yes. Married drivers typically pay 5% to 15% less for car insurance. Insurers consider married drivers less risky, leading to lower premiums.
Q: Why do married couples pay less for car insurance?
A: Married couples tend to drive more safely, have stable routines, and maintain financial stability, all of which reduce their risk profile. Insurers reward these factors with lower rates.
Q: Do I need to add my spouse to my car insurance policy?
A: Yes, if you live together, you should add your spouse to your policy. It ensures that both of you are covered when driving each other’s cars.
Q: Are spouses automatically covered under each other’s car insurance?
A: No, you must add your spouse as a driver to your policy for them to be covered. Marriage doesn’t automatically merge your insurance.
Q: Will our rates go up if my spouse has a bad driving record?
A: Potentially. If your spouse has a poor driving record, it may increase your combined premium. However, you can compare quotes to see if keeping separate policies is cheaper.
Get a Quote Today!
If you’ve recently tied the knot, it’s the perfect time to review your car insurance. Call Insure on the Spot at 773-202-5060 or get a free quote online to explore potential savings and ensure both you and your spouse are properly covered on the road.