Marriage may not always be a bed of roses, but there are definite advantages to getting married. For one thing, research shows that married couples tend to be less likely to suffer from dementia and serious illnesses like cancer. But did you know that being married can also save you money on your car insurance?
Most auto insurance companies offer discounts to married drivers. This is because some insurers consider married drivers to be more responsible than single drivers.
Reading: How does marital status affect car insurance
Even men under 25, who are considered high-risk drivers and more likely to be involved in drunk driving accidents, are offered discounts if they are married.
To support this view, insurance companies often cite a 2004 study by the National Institutes of Health. The study shows that single drivers are twice as likely to be in car accidents compared to married drivers. this then translates into a reduction in auto insurance rates.
Simon Birch, CEO of Budget Direct Insurance, agrees. “We found that married drivers file fewer claims compared to single drivers.”
another reason given is that married couples are likely to drive less often than single couples. however, others hypothesize that married people lead more stable and less risky lives than single people. they theorize that because married people have someone to live for, they are more likely to be safer on the roads and take fewer risks.
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Of course, marital status isn’t the only factor that determines the cost of your auto insurance policy. your driving history and credit score, the make and model of your car, and how often you drive it are other considerations.
What about unmarried couples?
If you’re not married but have a common-law partner, does that count? Some insurers offer specific discounts for domestic partners. You can expect to receive discounts similar to those for married couples.
Some insurers are encouraged to do this, as statistics show that people in domestic partnerships are less likely to file a claim compared to single drivers.
Your rates are also likely to drop if your partner is in a lower-risk group than you. for example, if they meet the following characteristics:
*your partner drives fewer miles than you
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*your partner has a better driving record
*your partner has a vehicle that is less expensive to insure
In all of these cases, your premiums may be lowered if you tell the auto insurance company you’re in a domestic partnership.
If you and your partner drive two cars, combining them under the same insurance policy can also help save money.
In addition to the financial benefits you can reap, another reason why you shouldn’t hide or hide your marital status from your insurer is because doing so could lead to you being labeled unreliable and voiding your policy. In general, life events such as marriage, divorce, and moving to a new home are considered major events that can impact your premiums. therefore, it is best to be open about such events with your insurer.
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