A new marriage means a new life with your partner, new experiences, as well as a few new financial challenges. With the exchange of vows, you and your new spouse share more than just your love, hopes, and dreams-you share your credit scores and insurance costs too! Before or soon after tying the knot, try these tested and true tips to save on your auto insurance premiums.
Joint Policy Custody
Once you are married, shop around for new insurance policies that offer package discounts. Oftentimes, if you’re willing to purchase two policies-one for you, one for your spouse-then you can take advantage of added discounts. If you do happen to find an attractive policy during your search, be sure to contact your current provider to inform them that you’re considering leaving in order to save on your costs. With this announcement, your provider may be willing to negotiate a lower rate for you and your spouse in order to keep your business.
Choosing the Primary Policy Holder
While the stereotypes assert otherwise, studies show that women are far less likely to be involved in an auto accident. Since women are statistically less prone to collisions and car wrecks, women can often take advantage of lower premium rates. If this happens to be true in your relationship, then ask your provider about the savings benefits that can be gained from making the “Mrs.” the main policy holder. With a woman as the primary driver, making the man the secondary driver, statistical odds are working in towards one’s favor, as insurance companies are forced to charge higher premium rates for drivers who pose greater risks.
Investing in Your Future
Once you and your spouse have been married for some time, you may be in the fortunate circumstance of having never been in an accident. If this is the case, then you most likely have never had any need to make a claim to your insurance company. Oftentimes, as insurance companies find claim-free couples to be very appealing and desirable clients, a provider may offer you a negotiation in order to maintain your “zero claims” status. For example, if you and your spouse have been able to maintain your policy for four or more years without having to make a claim, then your provider may allow you to pay a small fee in exchange for a “zero claims” continued status. If you opt for this plan, then you’ll be able to maintain your very low “zero claims” insurance coverage rates, even if you do end up needing to make a claim in the near future!
