Major life changes like marriage or retirement can have a big impact on your financial situation, including the cost of car insurance.
Insurance companies consider many factors when they determine your rate, such as your driving history, your credit score, and certain demographic information like age, gender, and marital status. So is car insurance cheaper when married vs. single?
The simple answer is yes, married couples tend to get cheaper car insurance. But it’s not always that simple. In this article, we’ll explore how marital status affects insurance rates and what you should know when shopping for or adjusting your coverage.
Why Married Couples Often Pay Less for Car Insurance
Car insurance for married couples is often cheaper than it is for single people because married drivers are statistically less likely to file claims or be involved in collisions. Providers conduct demographic assessments when they calculate insurance premiums. Because married couples are seen as more financially stable and less risky, they tend to pay less each month.
A married couple is also more likely to have a joint policy and access multi-car discounts and multi-policy discounts (also known as bundling insurance), which may further reduce their auto insurance rates.
Should You Combine Car Insurance Policies After Marriage?
It’s almost always a good financial decision to get a joint policy after you get married. Not only does the average car insurance for married couples typically cost less per month, but you may also get access to certain types of car insurance discounts, simplified billing, and better coverage options.
With that in mind, every financial decision you make is personal, whether you’re single or married. You should have an open conversation with your spouse and decide what’s best for your family.
When Keeping Separate Policies Might Make Sense
Is car insurance cheaper if you are married in every case? Not necessarily. Having a joint policy with your spouse isn’t always the right decision.
Some couples prefer to maintain separate finances even after marriage, including insurance policies. There are also some situations in which joint coverage may increase your premium.
You may want to have separate policies if you or your spouse:
- Has a poor driving record
- Has a low credit score
- Has a history of claims and/or accidents
- Drives a more expensive car
How To Add a Spouse to Your Car Insurance Policy
Updating your car insurance policy to include your spouse is usually pretty easy, although the process can differ between providers. In general, it just involves contacting your insurance company and giving them some information about your spouse and any new vehicles you want to add to the policy.
Here’s how it works:
- Call your insurer or visit their website and tell them you want to add someone.
- Provide the required details, including your spouse’s name, birth date, driver’s license number, driving history, and vehicle information.
- Review your coverage limits and adjust your selections as necessary.
- Ask about marriage-related discounts and bundling opportunities.
- Confirm your new premium and the effective date of your updated policy.
- Ask your insurer to give you a copy of your new proof of insurance.
What Happens if You Don’t Live at the Same Address Yet?
From military deployment to temporary job relocations and family care responsibilities, not all couples live in the same home. Many insurers don’t offer joint policies to couples who live separately. If you haven’t moved in with your new spouse yet or if you have different addresses, you may need to purchase separate car insurance policies.
But there are still ways to save on car insurance if you aren’t living together. Insurance companies frequently offer discounts for married policyholders, even if you don’t have joint coverage. You may also be able to add your spouse to your policy as a “listed driver.” This allows you to drive each other's cars and stay covered with different policies.
Other Insurance Considerations for Married Drivers
Adding your spouse to your car insurance is an important step in combining financial responsibilities. But you should also take the opportunity to do a more holistic review of your financial situation and household needs.
In many cases, you can save money by bundling your car insurance with home or renters insurance. You should also make sure you update the beneficiaries on your policies and review your liability coverage as needed when your household responsibilities change.
If you or your spouse have children who drive, you may also need to add them to your household policy. But keep in mind, younger and less experienced drivers generally lead to higher premiums.
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