Does Getting Married Impact Your Car Insurance Costs?
For better or worse, your car insurance rates may change when you get married.
Research shows married couples are generally deemed “less risky” by auto insurers and can be eligible for discounts on auto insurance premiums. Even if you previously shared a car insurance policy, you could still be eligible for additional discounts. However (and this is a big however), if your partner has a history of bad driving, this could negatively impact your combined insurance rate moving forward.
Um… file this under “things I didn’t know before getting married.” As a newlywed, I was confident we had everything under control. We filed the paperwork with our city clerk’s office, I went through the steps to change my last name to his, we filed our taxes jointly, and we moved our health insurance over to my new husband’s plan. Things were going swimmingly.
Now, eight months into my new marriage and I find out that we could’ve been saving money on our car insurance this entire time? Cool. The one time being married may actually cost us less and I had no idea.
Now onto you – are you newly married or getting married soon? Did you know that your car insurance premiums could rise or fall once you get married? No? Join the club.
Here’s a little background on why this is the case. If you and your spouse have stellar driving records and no recent gaps in your insurance coverage, you are considered low-risk drivers and therefore will pay less in auto insurance premiums. Sit down together and review your policies. Then, check to see if you can get a better quote. Being a safer driver could actually improve both your relationship and the cost of your insurance.
Did you know that insurers often view married drivers as more responsible than single drivers? In fact, one study suggested that single drivers were twice as likely to be involved in a drinking and driving accident than married drivers. I’ve also read that rates can drop for people under the age of 25 when they tie the knot. I can’t speak to this from personal experience, as both my husband and myself were 28 when we got married – but the data is there.
There are times, though, when merging car insurance policies after marriage isn’t prudent. If one of you doesn’t have a squeaky-clean driving record (hey, no judgment!), it might be better to keep your policies separate. Merging policies may actually increase your rate overall. Why? Because there is risk-by-association. So even if your spouse drives their own car, there may be rare instances when they need to drive your car, and therefore become a higher risk.
As a Metromile customer, I checked with its Customer Experience team hoping I’d score a marriage discount. The rep let me know it didn’t apply to us because we were already getting Metromile’s best rate. Though I was disappointed, it was nice to know that our car insurance rate was the most competitive offered by Metromile. Our premium and per-mile rate are determined by our car model, location, and the fact that both my husband and myself are responsible, low-mileage drivers.
The bottom line: remember that your car insurance rates may change once you’re hitched, and do your homework to make sure you’re getting the best rate.
Not part of the Metromile fam yet? Click here to grab a free quote and see how much money you could be saving! Already a Metromile customer? Refer your friends and family to Metromile and make some extra cash. Be safe out there and see you on the roads.