You’ve said your vows, danced the night away and now it’s time to get down to business – like sorting out your new married name on bank accounts and car insurance. Yes, your marital status changes things when it comes to car insurance rates. Here’s what you need to know about how marriage affects rates and how to shop for a better deal.
Marriage usually comes with added responsibilities like a house and family, which means you’re more likely to have higher car insurance rates. But there are some ways to offset the impact of marriage on your rates. One way is to shop around for a new policy once you’re married. If you and your spouse are both drivers, compare rates from different insurers to see who offers the best deal.
Finding Your Policy
You should start shopping for your new car insurance policy a few weeks before your wedding date. This way, you can be sure to have coverage in place on your big day.
Keep in mind that when you’re shopping for car insurance as a married couple, insurers will look at both your driving records. So, if one spouse has a poor driving record, it could impact the rates you’re offered.
If one spouse has a good driving record and the other doesn’t, it might be worth considering getting separate car insurance policies.
This way, the spouse with a good record can take advantage of lower rates, while the other spouse can pay more for coverage but still have protection if something happens.
It’s therefore important to disclose whether you’ve had any dealings with a car accident lawyer. If you’ve been in an accident before it can affect your insurance rates and your claimability.
Combining Policies
Combining your insurance with your spouse’s can also save you money. Some insurers offer a discount if you insure more than one vehicle on your policy or if you have multiple policies with the company. Another way to reduce your rates is to raise your deductible. This means you’ll pay more out of pocket if you have to make a claim, but it could save you money on your premium.
Bundling With Other Coverages
You may also be able to get a discount by bundling your car insurance with other types of insurance, such as homeowner’s or renter’s insurance. Some insurers offer discounts for being married, so it pays to ask about any available discounts when you’re shopping around.
Raise Your Deductible
Another way to save on car insurance after the marriage is to raise your deductible. A higher deductible means you’ll pay more out of pocket if you have an accident, but it also means lower premiums. If you have a good driving record and aren’t worried about the risk of an accident, raising your deductible could be a good way to save on your rates.
Adjust Your Coverage
Consider dropping certain coverage types that you no longer need. For example, if you have collision coverage and your car is paid off, you may want to consider dropping this coverage to save on your premium.
If you have a used car that isn’t driven much, you can switch from full coverage to just liability. This covers you if you’re in an accident, but doesn’t cover the damage to your car.
You can have a different type of policy on each car that you own.
Aspects That Affect Your Rates
Of course, marriage isn’t the only life change that can impact your car insurance rates. Having a baby, buying a new car, or moving to a new city can all affect your rates. Babies can add an extra “driver” to your policy, and a new car means you’ll likely need to increase your coverage limits. Moving to a new city can mean higher rates if the area has a high crime rate.
Rates vary from city to city, so check the rates and policies in your city of choice and see if they fit your lifestyle and budget. Some cities have higher rates than others, but they also offer great deals on public transportation. If you don’t drive often, or if you can take public transportation to most of your destinations, it may be worth considering moving to a city with cheaper rates.
Do Your Research
Whatever you do, don’t just automatically renew your policy with the same insurer without shopping around first. You may be able to get a better deal elsewhere. Marriage is a big change and it pays to be proactive about finding the best car insurance rates to fit your new life.
Getting married doesn’t have to mean higher car insurance rates. There are a number of things you can do to offset the impact on your rates, including shopping around for a new policy, bundling your insurance, and raising your deductible. Be sure to compare rates from different insurers and ask about any available discounts when you’re shopping for a new policy. And don’t forget to shop around when your life circumstances change – you may be able to get a better deal elsewhere. Marriage is a big change but being proactive about finding the best car insurance rates can help make it a little easier.
