Getting married is exciting but also comes with a world of changes. Name changes, living arrangement changes, and even changes to your insurance policy. Should you keep your own separate policy, join on your spouses, or add them to yours? Will their driving history affect your good rates (or vice versa)? Before you go changing your insurance, first consider how your marriage will impact your insurance rates.
How Marriage Affects Your Car Insurance
Insurance companies tend to look at several factors from the make and model of your car and where your car is kept at night to your driving history and your marital status. You may wonder why your marital status would matter when it comes to your driving and insurability, but research has revealed that those who are married actually get into fewer accidents. This doesn’t mean you should rush to get a joint policy, here are other aspects car insurance companies will take into consideration about you and your spouse.
- Driving Records
Insurance companies look at previous driving history, checking for speeding tickets, accidents, and other infractions. Having any infraction on your driving record labels you as a higher risk for getting into an accident to insurance companies, however, a lack of infractions makes you less of an insurance risk. The lower risk you are to be in an accident, the lower your premiums you are likely to have. So, if you or your spouse has a poor driving history, it may be wiser to keep your insurance separate.
- Type of Vehicles
Vehicle make and model are also a major factor that contributes to your insurance rate. Vehicles, like sports cars, are considered higher risk and their owners end up paying more each month in insurance. If you own a sedan and your spouse has a sportier vehicle, combining your insurance after you get married, may increase your rates. However, if you both drive similar vehicles, your rates may not be affected much by adding another vehicle and driver. Many insurance companies offer a discount for multiple vehicles on the coverage policy.
- Other Insurance Policies
Like multi-car discount, insurance companies offer additional discounts when the insured uses their services for other types of policies. Both you and your spouse should check with your insurance company about what types of discounts are offered. Take into account homeowner’s insurance (or renter’s insurance), motorcycle insurance, recreational vehicle insurance, or a jewelry protection policy (like for your engagement or wedding ring). Other discounts aside from multi-policy discounts are also offered, like good driver discount or student discount (if either of you are still in school or have older children who are).