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Married couples can save up to 53% on their car insurance premiums

Written by Katie Dee

Edited by Alyssa DiCrasto

Published on 2023-11-10
Couple next to car - just married

New research conducted by Rate Retriever shows that couples who combine car insurance policies after marriage can save up to $1,939 – or 53% – on average on their annual premium vs the cost of two separate policies.

This number will vary significantly depending on several factors, including the state you live in, the number of vehicles you are insuring, and the insurance company you and your partner choose.

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Why do married couples pay less for car insurance?

Piggy bank

Whether you are married or not, the amount you will pay for your car insurance premium is based on multiple different factors. These include your location, age, credit score, and more. Car insurance companies will always consider the amount of risk associated with covering a certain driver or car before determining insurance rates.

One of the main reasons why combining car insurance after marriage can save you money is because insurance companies tend to view married couples as being more financially stable, therefore they are seen as a safer choice for insurers. Because of this, some insurance companies even offer discounts for married drivers. Be sure to check with your car insurance company to be sure you are not missing out on these savings.

Furthermore, married couples have been shown to be more averse to risk, meaning that there is a smaller chance of them being involved in an accident compared to their unmarried counterparts.

Differences in car insurance prices for married couples

According to Rate Retriever’s Auto Insurance Rates Quarterly Update, married couples with a joint policy and two vehicles pay an average of $2,797 per year for their car insurance. This is 23% less than married couples with two separate policies who pay an average of $3,645 per year.

Married couples who have a combined policy and just one vehicle pay even less. On average, they save 53% on their car insurance premiums when compared to married drivers who have their own policies.

Remember, these numbers represent the average for these situations, but your exact rates will vary depending on the insurance company you choose, the amount of coverage you are looking for, and your personal details.

Take our quick quiz to compare personalized rates from car insurance providers in your area so you can find the cheapest option for you.

When not to combine car insurance after marriage

While it is generally a smart financial decision to combine car insurance after marriage, there are some instances where this might not be the best option.

Since car insurances rates are heavily based on the amount of risk associated with the policy owner, if one partner has a poor driving record while the other does not, keeping policies separate might be a smarter choice.

Car insurance companies may assign higher rates to married couples if one of the drivers is riskier to cover, resulting in higher rates for both the high and low-risk partner.

Additionally, both partners’ credit score will play a part in determining rates in most states. California, Hawaii, and Massachusetts are currently the only states in the U.S. where credit scores are not considered in car insurance pricing.

If you or your partner has a poor credit score and you combine your policy, it can negatively impact your car insurance rates, resulting in higher premiums for both of you.

Car insurance rates will look different for everybody, so be sure to consider these factors before deciding to combine car insurance after marriage.

States with the best car insurance deals for married couples

Because car insurance companies submit different rating plans to each state’s department of insurance, the amount of savings available to married drivers will vary from state-to-state.

Based on Rate Retriever’s report, the state that currently has the highest percentage of savings for married couples is Nevada, where couples who share a car and have a combined policy pay 57% less on average than married drivers with separate policies. This represents a savings of $2,455 on car insurance premiums.

Married drivers in Tennessee and Missouri also experience above average savings for combining their car insurance policies. Couples with a combined policy and a shared vehicle in these states are saving an average of 56% on their annual car insurance premiums.

Lastly, Kentucky, Mississippi, Pennsylvania, Virginia, and Washington offer savings of up to 55% for married drivers who combine their car insurance policies.

Visit the website to read the full report and see what kind of savings are available for you.

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