Getting married has many financial benefits which couples can take advantage of. If you’ve been married for a while, then you’re probably well aware of these benefits and have been taking advantage of them for many years. Newlyweds, however, might not be aware of all the savings that they can get from being married – and these savings start with your auto insurance policy.
There is a long-held perception that married couples are more careful behind the wheel because “settling down” makes them more cautious in general. Whether this is true in reality or not, insurance companies are willing to offer discounts to married partners who want to combine their policies together. And you can take advantage of this belief in order to save on your household expenses.
The one thing that can throw a wrench in this plan is if one of you has a tainted driving history. Because combining your policies into one will raise your joint premium for both drivers, even if only one of you has a recent history of accidents or tickets.
There are other reasons to get separate policies, also. Having mismatched vehicles, for example, will alter your insurance rates in a more expensive direction if you share a policy. This is especially true if an older, owned vehicle which requires less coverage is put onto a full-coverage policy for a brand new, financed, or leased vehicle. You could save much more money by putting that older vehicle on a separate policy with liability only coverage.
Just make sure that you get your new insurance policy before canceling your old one(s). Doing it the other way around could prove disastrous. A lapse in coverage by only a few days might increase your premiums significantly. And that coverage lapse could even lead you to be denied coverage on your new policy.
Being married actually comes with many more discounts than people think. And there are different ways to mix and match your discount in order to get the biggest benefit. For example, you can save money by putting both drivers and both of your vehicles onto the same policy:Combine Auto Insurance Policies for Savings Legend: 2015 Honda Accord 2012 Kia Rio Two Cars Together Total Monthly Savings Florida Illinois New York Texas California 15 30 45 60 75 90 105 120 135 150 165 $100 $114 $170 $44 $22 $26 $35 $13 $64 $67 $97 $34 $122 $101 $171 $52 $47 $47 $68 $26
You can also combine your homeowner’s insurance with that of your auto policy. Not only will your insurance provider reward you with discounts for the extra business, but being reliable enough to purchase a home (especially in this economy) can really lower your insurance rates.
Lastly, where you and your partner live will contribute to how much you pay each month, so plan accordingly. Urban areas, especially areas with high rates of theft, will cost you more in premiums. But you can help reduce such expenses by installing a passive anti-theft alarm. And since most urban areas are high-traffic also, you can save money by driving fewer miles each year.
But at the end of the day, the most efficient way to get lower premiums on your car insurance is to shop around. Compare different rates from multiple companies in your zip code. And for that fast, free service, look no further than AutoInsuranceEZ.com.