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Car insurance for married couples
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Getting married is an exciting milestone for many, and a prime time to reevaluate your insurance needs as many carriers require married couples to be listed on the same policy. Between combining finances and possibly moving, your car insurance needs are likely different than when you were single. Bankrate’s study of average rates for married couples, and our detailed breakdown of why your insurance company cares about your marital status, could help you save money on your car insurance premium after tying the knot.
Does being married get me better car insurance rates?
On average, married couples have lower insurance rates than single drivers. This is because, generally, insurance companies may view married couples as more financially stable and less likely to experience accidents and file claims.
The national annual average cost of car insurance is $2,014 for one driver, whereas the average cost of car insurance for a married couple’s policy is $1,898 for one vehicle. These rates are averages, and your individual premiums depend on your personal rating factors, such as the vehicle you drive, your driving record and your claims history. You may be able to find lower rates by shopping around and comparing rates.
The table below illustrates the difference in average premiums between married couples and singles from some of the best car insurance companies on the market.
|Company||Average annual full coverage premium for married drivers||Average annual full coverage premium for single drivers|
Do I have to add my spouse to my car insurance policy?
In many cases, car insurance companies require you to add your spouse to your policy. For the most part, this could be a good thing — you may lower your premium a bit and make it easier to handle your insurance by consolidating your cars on one policy. However, if your spouse has a less-than-stellar driving record, this could result in a premium increase.
Named driver exclusion
The general rule is that if a driver is living in the same household as you, they need to be listed on your car insurance policy. Depending on your insurance carrier, it may be possible for you to list your spouse as an excluded driver on your car insurance policy. However, most companies do not allow spouses to be excluded drivers.
If you do go this route, your spouse will not have coverage if they drive your vehicle. If they get into an accident in your vehicle and they are listed as an excluded driver, your insurance company will likely deny the claim.
Most companies offer a variety of car insurance discounts to help you save on your premium. While there generally is not a specific “marriage discount,” you may have access to discounts that you did not have access to before you were married.
- Multi-car discount: When adding your partner and their vehicle to your policy, you may be eligible for a multi-car discount.
- Multi-policy discount: As newlyweds, you may also be moving in together –– whether renting or buying a home or condo –– and this could offer a chance to combine all of your insurance policies with one company, potentially leading to discounts.
- Homeowner discount: Many newlyweds may either purchase a new home or move into a home together, which could qualify them for a homeowner discount with some auto insurers. A few major insurers, such as Liberty Mutual, Progressive and Travelers offer this discount. Married drivers may even be eligible for this discount even if their home is insured with another provider.
Should my spouse and I have separate policies?
It is unlikely that you will be able to get a car insurance policy separate from your spouse, as marriage legally binds you with another person and insurers generally require both individuals to be listed. However, there may be some situations where a combined policy does not work for your situation. If you and your spouse live in separate states or countries, for example, you can speak with your insurance company to talk through your options.