When you finally get married, there are many changes happen in various life aspects, including your car insurance policy details. While you definitely need to update your information details in the policy regarding of marriage (especially if you decide to have joint policy with your spouse), you can also get opportunity to earn discounts. Car insurance is not a cheap spending if you want optimum coverage, so you can use various opportunities to get discounts, including discussing the options with the policy provider when you finally get married.
Why Car Insurance Offer Marriage Discounts
Car insurance provider determines rates and discount options from the risk factors of its policy holders. Marriage discounts are among the most popular, especially since they are closely related to risk factor statistics related to drivers. According to common statistics, married people tend to be more cautious when driving. Married people also tend to be more responsible compared to teenage and single drivers. Therefore, they are more favored by insurance companies compared to many other driver types. If the couple has children, it is even better, because it signifies higher level of responsibility.
When you finally get married, aside from updating personal information in the policy, you can also discuss with the insurance provider about the possibilities to get discount. However, you must remember that different insurance providers have different details and requirements related to discount opportunities, including marriage discounts. If you live in the US, one insurance company may offer different discount rates depending on the state or area where you live.
When you decide to get additional discounts after marriage, make sure to discuss all details with your agent or insurance provider, preferably when updating your policy details after marriage.
Tips before Applying for Marriage Discounts
When it comes to car insurance discounts that are related to other people, such as marriage discounts, your spouse will have to be included in the policy. In some insurance companies, when you add a spouse’s name to your policy detail, it automatically gives you marriage discount. However, depending on what policy you have, sometimes you have to actually ask and even apply for marriage discount. In the US, thanks to the new marriage equality law, same-sex couples are also eligible for marriage discounts.
When you try applying for marriage discounts (or simply inquiring about higher discount rate if possible), you must include all information that may be useful for additional discount, such as the new address, new job, and other personal details. These aspects may help getting you higher discount and lower premium rate after marriage. For example, if you move to address that gives lower risk rate for driving activity, you may be able to get much better marriage discounts.
Finally, you and your spouse should not overlook other possibilities to get discounts. Marriage discount is not the only thing you can get from car insurance. Sometimes, you and your spouse can get even better discount from other options, such as multi-policy discounts or combined policy discounts.
What to Consider before Getting Marriage Discounts
Married couples are usually eager to get discounts in car insurance, motorcycle insurance, or any other financial umbrella services that they need to apply. However, remember that marriage discounts are not everything. If you are lucky, you may automatically get married discounts when adding a spouse’s name to the policy. There are also other considerations to think about before applying for marriage discounts:
You and your spouse’s policies.
Before marriage, your spouse and you can have either the same or different policies. If you use the same policies, it is easier to combine them as a married couple. In fact, this may give you better discount than marriage discount. If you live in cohabitation with your spouse before married, you probably already adjust some aspects in your car insurance. Make sure to keep adjusting the details.
Multi-policy plans.
Multi-policy plans can also give better discounts than if you solely depend on marriage discounts. For example, if you have life, health and house insurance, having multi-policy plans with the car insurance may give you and your spouse lower premium rate.
Different insurance providers.
The most drastic option is of course considering using completely different insurance providers. Many insurance companies offer good individual policies, but other companies may offer better multiple-policy rates or marriage discounts. You better start shopping around with your spouse when planning marriage, so you can consider paying better rate in car insurance.
Being married is not only a joy and important life event, but it may give you better discount opportunities in car insurance without compromising the coverage.