After you say “I do,” you may wish to pay attention to buying car insurance as a married couple: pros & cons. While you may think you will automatically pay higher premiums for car insurance after you get married, the reverse is often true. Here are some considerations on buying car insurance as a married couple: pros & cons.

Pros

Two key advantages to buying car insurance as a married couple are:

  • Married couples are considered better risks – For auto insurance, companies rely on statistics that point to married couples being lower risk than single people. Why is that? There are several contributing factors, including the fact that married people typically tend to be more responsible drivers – they don’t drive in a reckless manner, they obey speed limits, and they’re less likely to file claims than single drivers.
  • Rates are based on risk – Insurance companies calculate rates based on risk. Lower risk translates to lower premiums. After you’re married, you will need to add your spouse to your policy – since he or she may have occasion to drive your vehicle. The same is true for your spouse. The result should be a reduced premium, often occurring as a result of discounts for multi-car and/or multi-policy (auto and homeowner insurance, as an example) coverage.
  • Go for all available discounts – One person in the marriage may be mostly a stay-at-home individual. He or she may qualify for an infrequent driver discount. Or, if driving is mostly commuting or riding with someone else, many companies offer a commuter discount. It’s up to you to ask for any and all available discounts. Just because you’re a married couple doesn’t mean you have to pay an arm and a leg for auto insurance.

Cons

Of course, not every married couple benefits from combining their car insurance. Here are some cons to consider:

  • History of accidents and tickets – Either party or both in a marriage can have a history or a streak of accidents and tickets. When this happens, it jacks up auto insurance rates for both drivers.
  • Rates stay high for several years – Once you’re assigned to a higher risk classification (auto insurance companies have various names for this), you’ll continue to pay higher rates for several years. The number varies by insurance company, but typically ranges from 3 to 5 years.
  • The more drivers on your policy, the higher the rates – When you’re married, that’s just the beginning of potential auto insurance rate hikes. The more drivers you add to your policy – such as stepchildren or your children of driving age – the more risk the insurance company assumes. Consequently, the rates will increase. Young drivers under the age of 25 are considered the highest risk. If you are a young married couple under the age of 25, you’ll fall into this category.

Bottom line: buying car insurance as a married couple – pros & cons – are things to take into consideration sooner rather than later.

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