Being Married Can Save You Money On Car Insurance

by TTMK on July 8, 2013 · 11 comments

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.

{ 11 comments… read them below or add one }

Edward Antrobus July 8, 2013 at 7:25 am

While I’m perfectly happy to accept any discount my car insurance company wishes to offer me, some of the things they bar their rates off of are completely ridiculous. I bet the marriage discount is based on some study from 1962 that showed a .4% decline in claims.

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TTMK July 8, 2013 at 6:53 pm

Who knows…but the discount is nice!

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Matt Becker July 8, 2013 at 8:02 am

We definitely save on car insurance because we’re married and are on the same policy. Whatever their reasons, I’ll take it!

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TTMK July 8, 2013 at 6:52 pm

Exactly!

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Grayson @ Debt Roundup July 8, 2013 at 9:12 am

We save money on insurance because we have multiple cars. I don’t know if that is because we are married, but because we have the multi-car discount. I got the same discount when I had my daily driver and my project car before we were married, so I don’t think I got anything more because we got married, only because we added a new car.

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TTMK July 8, 2013 at 6:52 pm

Yes, multi-car discounts are nice!

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Emily @ evolvingPF July 8, 2013 at 9:57 am

Our car insurance rate decreased when we combined our policies; I assumed it was for the multi-car discount but perhaps our marital status played in as well. However I think that was the ONLY place in our budget in which we spent less money after getting married. Two do not live more cheaply than one (unless you have a very un-optimized budget as a single person)!

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TTMK July 8, 2013 at 6:51 pm

Emily – I agree, two don’t live more cheaply overall. It’s not like we can cut our food intake in half, clothing purchases in half, etc. There are efficiencies of course to having 2 people live together, but overall costs aren’t equal or less as you say.

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Jules@Faithful With a Few July 9, 2013 at 10:52 am

I know it saves us money for sure!

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A Blinkin July 9, 2013 at 8:03 pm

I actually have an article in the queue which highlights why a quality relationship (marriage) can be your biggest asset. Combining expenses/ bundling services is just another reason why.

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AverageJoe July 10, 2013 at 7:58 am

It’s funny….I’ve found being married to be one of two swords for people: either it’s fantastic and people leverage their union for savings, or there’s the ugly side…where a married couple talks themselves into purchasing items and spending money that they would have never spent alone!

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