Does getting married make a man more accountable? Car insurance companies seem to think so, and they even offer lower insurance premiums to back this idea.
When it was time for my husband’s car insurance renewal, we decided to separate our coverage from our parents’ as part of our ongoing commitment to responsibility. When I called the insurance company to inquire about ways to reduce our expenses, the conversation took an interesting turn when they realized he was married.
“So he’s married now? We had him listed as single.”
And just like that, the car insurance rate dropped. It appears insurance companies rely heavily on research to determine your driving risk factor. Studies suggest that married men tend to be more responsible than their single peers, possibly due to their wise wives guiding them towards responsible living.
This made me wonder how much money we could have saved if I had called a year and a half earlier when we got married. There are also several other financial advantages to marriage in relation to car insurance, such as consolidating all insurance policies with a single provider for savings and getting a multi-car discount when insuring more than one vehicle on the same policy.
After comparing the costs of including my insurance with my husband’s, I found they were $2 lower than my current rate. Once my existing policy with my parents ends, I plan to switch to my husband’s insurance, hoping for further savings.
Two years ago, as a single woman, my car insurance quotes nearly doubled. It seems being married really does have its benefits!
As you transition from ‘Single and Ready to Mingle’ to ‘Happily Married’, remember to review your deductibles. My husband had a non-collision accident deductible of $100, which increased to $500 for collision incidents. I decided to raise the non-collision deductible to $500 and the collision coverage to $1000.
Realistically, who contacts their insurance company for an issue costing less than $500? Avoiding this can prevent an increase in rates. Serious accidents are rare, but it’s sensible to have a $1000 buffer in your savings for the deductible.
My quick five-minute call saved us $50 every six months, totaling $100 in annual savings on just my husband’s policy. We expect to save even more once both our policies are consolidated.
Saving $100 annually for a quick call? I’ll gladly take that.