Get Married & Save Money on Car Insurance?

Save Money on Car InsuranceJune may not be "bustin' out all over," as the song goes, but it is the month for weddings, which means it's also the perfect time to discuss how getting married can help save you money on your car insurance.

There are three main ways marriage helps reduce your auto insurance premium. They are:

  1. Reduced Risk: The more stable you are, the less of a risk you are, and insurance is really the business of assessing risk. Married people are perceived as being more stable than single people - especially single men - and generally get a break on their auto insurance. As well, if each of you has a car, you can turn your individual policies into a single multi-car policy, and save even more.
  2. Change of Scene: Marriage usually entails moving from two apartments into one, and that one apartment usually has a better zip code, since you now have two incomes to contribute to rent. Where you live still has a lot to do with how much you pay for car insurance - high crime zip codes equal higher premiums, after all. If you were already living together, chances are you'll be looking to upgrade your apartment to a condo or house, and that means you'll qualify for a home-auto package deal if you keep everything with one insurer.
  3. Employment Changes: Many women stop working outside the home after they get married, if they're fortunate enough to be able to, and that choice usually means less driving (at least until there are children to ferry about), which means one car may qualify for a low-mileage discount. The same is true if one or both of you will be working from home, and possibly even if a marriage-related move changes where you work, or how far you are from work.

We're not saying you should get married just for the insurance benefits (though we know people who have gotten married just to have benefits), but we strongly advise you to check with your insurance companies as soon as possible after your wedding date, in order to maximize your savings and also to change any documents that might require it. In fact, re-evaluating your insurance needs should be something you do with every major life change.

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