Will Being Married Reduce My Car Insurance Premiums?

Marriage is a meaningful celebration of love, but it can also bring more mundane benefits, such as saving on auto insurance. On average, married couples pay less for car insurance than single people. However, in some situations, maintaining separate car insurance policies may cost less than adding your spouse to your auto insurance.

Married people typically pay less for auto insurance because statistics show that single people are more likely to file car insurance claims. In addition to receiving a discount simply for being married, couples often benefit from multi-vehicle discounts insurers offer for insuring more than one vehicle on a policy.

How to Add a Spouse to Your Auto Insurance Policy

Adding your spouse to your car insurance policy is easy to do. Here are the steps:

1. Contact your insurance company. You can usually do this over the phone, on the insurer’s website, or by using the insurance company’s app.
2. Give them your spouse’s information. You’ll be asked for your spouse’s name, birthdate, and driver’s license number. The insurance company uses this information to check your spouse’s driving record.
3. Provide vehicle information. Be ready to share the vehicle’s year, make, model, body style, vehicle identification number (VIN), and any safety features or anti-theft devices it has. Insurance companies typically also ask for the car’s current insurer, current odometer reading, and estimated annual mileage.
4. Pay the new premium. Your insurance company will revise your premium to reflect your new coverage. You usually have an option to pay your premium all at once or set up monthly payments. If you’ve got autopayments set up, make sure the payment amount is adjusted going forward.
5. Cancel the old car insurance. Once you receive confirmation that your spouse is officially on your car insurance, they can cancel their existing car insurance. This can generally be handled by phone, although some insurers require a written request for cancellation. Your spouse will typically get a prorated refund of any unused premiums.

Other Auto Insurance Discounts Married Couples May Receive

Although the following discounts aren’t limited to spouses, married couples often qualify:

• Multi-car discounts: Insuring two or more vehicles on one policy can save you 10%, 25%, or more. For instance, Progressive’s multi-car discounts average 12%, Geico’s average 25%, and AAA offers multi-car discounts of up to 27.3%.
• Multi-policy discounts: Purchasing multiple kinds of insurance from one company can mean significant savings. Known as “bundling,” this typically involves buying home and auto insurance from the same insurer. Depending on the insurance company, you may also save by bundling auto insurance with homeowners or renters insurance, condo insurance, or life insurance. State Farm says bundling home and auto insurance saves its customers an average of $1,073 annually; bundling auto and renters insurance saves an average of $684.
• Homeowner discounts: Some insurance companies discount your auto insurance if you own a home, which they see as evidence of financial stability. For example, Progressive gives homeowners an average 10% discount on car insurance, even if they don’t buy Progressive home insurance.

The Bottom Line

Should you decide to combine car insurance policies, remember that there’s no need to stay wedded to your current insurance provider. Spend some time comparing quotes from various insurance carriers to find the best coverage for both you and your spouse.

Shopping for car insurance is fast and easy with various auto insurance comparison tools available online. Just enter your information once and get quotes from dozens of insurance companies all in one place. Once you’ve found your perfect match, the tool can verify your premium with the insurance company and open the policy. Some services will even cancel your old plan for you and request a refund.

Contact O1ne Mortgage for Your Mortgage Service Needs

At O1ne Mortgage, we understand that managing your finances can be complex, especially when it comes to significant life changes like marriage. If you have any mortgage service needs, don’t hesitate to call us at 213-732-3074. Our team of experts is here to help you navigate the process and find the best solutions for your financial situation.