Being married can be profitable.
No, I’m not talking about getting hitched with someone for the express purpose of increasing your net worth at the expense of his (or hers). That would be gold digging, which is something to steer clear of! Rather, I’m talking about profitability from an expenses point of view. You can save money being married.
By saving money through being married, I don’t just mean by pooling expenses. Rather, I’m also referring to saving on specific expenses. This can include lowering car insurance costs. Yes, car insurance costs could be lowered by being married.
Some companies in the past have offered lower premiums if a driver is married. Apparently, there might be some evidence out there indicating that people who are married are a lower risk than those who aren’t. Why could that be?
Could it be that married people are more stable and settled? I know that sounds awful, but maybe on average they tend to be less likely to engage in risky actions.
Or, perhaps married people are safer because they have another person for whom they want to be there for. Again, it’s not like unmarried people have nobody, obviously! However, maybe there is something about being married and having that special someone who makes people a bit more risk-averse. Don’t want to leave that person widowed, as a result of doing something crazy when driving!
Whatever the case is, people might be able to leverage marital status into money savings on insurance, simply because of that status.
In addition, there is the potential to save money based on multi-car discounts. By having more than one car covered in the household, the potential is there to receive a discount. The idea of volume discounts is not new to the world of business, and apparently it can apply to the world of insurance as well!
It’s all a win-win. In the world of joint finances, if you’re saving money, so is he (or she). What’s yours is the other person’s. What’s great is that your union can lead to joint savings that help the two of you as a couple save a little bit of money.