If you thought the proclamation of “I do” was nerve-wracking, wait until you find out how marriage can impact your auto insurance rates! While planning for a wedding and subsequent marriage involves an incredible amount of scheduling, compromise, and an array of additional demands, the nuptials to your beloved fiancé can alter your insurance rate in a variety of surprising ways.
Marriage and Auto Insurance Shifts
An Unfortunate Increase
As auto insurance rates are calculated with a variety of factors in mind, your own driving history, accident history, claims history, and even your credit history can contribute to the cost of your overall auto insurance policy. When choosing to marry, the histories of your spouse will also be added to this policy-cost calculation! As a result, if your spouse-to-be has a rough accident record and / or a weak credit score, you may need to plan for an unfortunate rise in rates. Depending on your own unique marital situation, if worried about an increase, then meet with an insurance advisor or check with online insurance sources to find out how you can obtain better coverage and rate quotes by insuring your vehicles separately.
Living Happily Ever After!
Yet, while an increase could be a possibility for some newlyweds, most married couples with average / above average driving and credit histories should be entitled to fairly significant auto insurance rate reductions! While insurance rates are certainly calculated with driving and financial histories in mind, most insurance providers consider a married couple to be more stable and reliable, as the commitment of marriage involves serious responsibilities.
These steps down the isle can help you step towards greater savings, as most married couples can apply for discounts by combining their auto insurance policies with one provider. Specifically, if prior to marriage each individual had received auto insurance coverage from two different companies, opting to combine the policies with one of the companies will allow you to typically maintain and / or improve your coverage while reducing the cost. As an insurance company will undoubtedly be glad to accept new, reliable, and safe clients, adding one’s spouse to the plan allows both the insurance company and the newlywed couple to reap greater financial benefits.
