Marriage and Cars: Does Your Marital Status Lower Your Auto Insurance Rates?

March 14, 2017

It’s not uncommon for people to delay marriage nowadays. Changing attitudes found by a study published in 2016 and economic factors reinforced the idea of marrying late. But did you know your marital status can lower your auto insurance rates?

All things being held equal, marriage and car insurance mean discounted rates and lower premiums. While this should not be end-all or be-all of getting hitched, but being married certainly has its perks in the world of auto insurance.

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Marital Status = Savings in Auto Insurance

In insurance, it all boils down to risk. The higher the risk, the more a person pays to get coverage.

In the car insurance setting, teenage drivers, drivers with poor driving histories, and even those who are newly licensed are likely considered high-risk drivers and will be paying more.

However, being married can lower this risk. It’s been found that a driver who has never been married had a higher risk of driver injury compared to one who has been married. Future plans like having a baby tend to lessen the risk for married drivers to drive recklessly.

With married drivers regarded as more careful, mature and responsible in that respect, they become eligible for lower insurance rates or reduced premiums.

Your being in a marriage can also positively sway insurance rates in your favor even when you are under 25.

Moreover, married couples (both being drivers) who insure multiple cars under one insurance policy get discounts. One insurer gives up to 25% discount on most of car insurance coverages.

All Things Being Factored In

Other than marital status, insurers factor in a lot of variables when deciding the ultimate price or cost of the auto policy.

There’s the driving record. If you or your spouse has poor driving history, it can negatively affect your insurance rate. So much for both of you having DUI or other driving convictions.

Your marital status, in this case, won’t help you get a lower rate. On the contrary, you’ll end up paying more than a single driver will.

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Credit has extended its hand in insurance dealings as well. As with loans, good credit standing means lower rates. One spouse with poor credit can increase the car insurance rate.

Age, as always, also matters. In car insurance, there are age brackets that statistically have higher premiums:

  • Drivers under 25: Data shows that they figure into motor accidents and crashes, incur traffic infractions, and drive faster than other age groups.
  • Drivers over 60: Rates go higher because of slower reflexes and aging.

Insurers also consider which age group has submitted claims in pricing their premiums.

Gender figures in insurance. Males are more expensive to insure than females. The price difference is attributed to females being regarded as more careful drivers.

Our key takeaway is this: marriage can work in your favor when applying for auto insurance. Perks and discounts can result in savings for you and your family to enjoy .

But your marital status is not the only determining factor in setting insurance premiums. A lot of things are involved so it’s important to talk to an insurance specialist about it.

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