Marriage is certainly a big step and affects nearly all aspects of life. Living arrangements, taxes, finances and policies are some of those things that change for the better in most cases. Now that you have another person to care about in your life and maybe looking forward to being a family you would probably be more careful with spending. Below you will hopefully find enough tips to help you find cheaper auto insurance after marriage. Just tied the knot? See how much you can save.
How Much Do Car Insurance Married vs. Single Rates Differ?
Statistically, married motorists have fewer vehicle accidents in comparison with singles. They are more responsible behind the stirring wheel as they have someone else or a family depend on them now. Safer driving and lower chance of accidents translate into better rates for couples in comparison to singles. Most companies offer as much as twenty percent lower premiums for married vs. single drivers. If you have recently tied the knot you should contact the agent and discuss the best solution moving forward. You may possibly find better quotes somewhere else and need to switch altogether.
How Much Do You Save on Vehicle Insurance for Married Couples?
Most companies offer better prices when two policies are joined together. The actual savings will depend on how you combine them. You probably get the largest discount when you bring them under one package. Otherwise, you may be able to get special prices for arranging separate coverage but from the same provider. By the way, many automobile insurers recognize Domestic Partners and offer them the same discounts as married couples. If both have good DMV records you probably save large by getting a multi-car policy including all cars.
If you have different carriers you should take time and choose either one of them to start moving things over or get new quotes to see who else offer great quotes. You can get further savings by combining home and auto coverage. Even if only one of you owns the house the other one can probably get the same discount offered for home ownership as part of family auto insurance arrangements. You should keep this in mind and enquire about it.
When It May Be Better to Keep Separate Car Insurance for Married Couples
Merging policies with a partner make sense in many cases. However, there are circumstances in which it may be beneficial to keep them independently. Nobody is perfect and your partner may have a chequered traffic record and some claims on his/her name. Then, it is possible that bad driver’s record will increase the rates for everybody living in the same household.
In such case, you need to get several quotes in different ways and see all the options. For example, the rates can be different when the good driver is the policyholder and bad one is listed on the schedule compared to the other way around. There is a chance the overall premium can still be lower if you join the policies. However you need to see if there is a point in light of possible other claims and traffic violation tickets accumulated along the way by the obviously risky motorist in a relationship. History has a habit of repeating.
Why Would A Bad Driver Increase Vehicle Insurance for Married Couples?
Underwriters always consider the fact that the bad driver has access to all the car keys in the house. The person does not have to be related to influence premiums. For example, a college roommate can affect rates regardless of their usage. Depending on the histories this could be a serious problem that must be dealt carefully.
For example, you have a sports car and a reasonable premium for it. If you move in with a person who has DUI on his/her record you may find it harder to find coverage, let alone seeing large increases on rates. This is mainly because companies assume that drivers who live in the same house have natural access to each other’s vehicles. It is normal for anyone in the family to pick a car key and get behind the steering wheel. Families share many things and cars are no exception. This makes any person in the house as good as listed driver regardless of them being listed or not. When they have such clear access to a vehicle they cannot be considered as an occasional user.
Excluding a Spouse from an Automobile Insurance Coverage
This option may be available depending on where you live and which carrier you are with. You may not be allowed to exclude a partner in some states and with some companies. Also, it would probably be necessary for them to have their own car and coverage before you could consider excluding them.
If it is available, an exclusion clause will let you leave out someone. When this happens you must ban him/her from operating your automobile as well because he/she would be uninsured. The owner would always be legally responsible for anyone they permit even someone has own liability coverage for driving someone else’s auto. In any case there is no argument against a clearly stated exclusion.
Keeping Separate Policies from Financial Responsibility Point of View
When you have a joint policy you both are together or separately responsible for any liability claim. For example, if one of the spouses has an accident and there isn’t sufficient liability to compensate the injuries caused to third parties, they can sue either policyholder in a joint arrangement for the damages. This could be a reason to keep separate coverage, especially when one of the partners is much better off than the other.
Even you keep them independently you may still economize a bit if you both buy the coverage from the same company. You can also ask if there are special deals for bringing home over to them.
Tying the Knot or not on Auto Insurance
Unfortunately, there isn’t one answer that fits everyone. You may want to talk to a broker if you are confused. Consider circumstances carefully and make a decision that best suits you. You should try to gather enough information to be fully informed. Getting a few quotes for various combinations can show the way to go and the good news is you can do it here and right now.