Does getting married make a man more accountable? Car insurance companies seem to think so, and they’re prepared to back this idea by offering lower insurance premiums.
Recently, it was time for my husband’s car insurance renewal. As part of our ongoing commitment to responsibility, we made the decision to separate our coverage from our parents’. Upon contacting the insurance company, I inquired about possible ways to reduce our expenses. The conversation took an interesting turn when they discovered he was married.
“So he’s hitched now? We had him listed as single.”
And just like that, the car insurance rate plummeted. It appears that insurance companies rely heavily on research to determine your driving risk factor. Studies suggest that married men are indeed more responsible than their bachelor peers. Maybe this can be attributed to their wise wives, guiding and encouraging them towards responsible living.
This revelation sparked curiosity about how much money we could have saved had I made the call a year and a half earlier—when we got hitched. There are also several other financial advantages to marrying in relation to car insurance such as:
– Consolidating all insurance policies with a single provider for savings
– Availing of 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. As soon as my existing policy with my parents ends, I plan to transition over to my husband’s insurance, hoping for further reductions.
Two years ago, considering car insurance as a ‘single lady’, my quotes nearly doubled. It seems marriage really does have its benefits!
As you transition your status from ‘Single and Ready to Mingle’ to ‘Happily Married’, remember to review your deductibles.
My husband had a non-collision accident deductible of $100, increasing 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 prevents an increase in rates. Actual 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, equating to an annual $100 saving – on just my husband’s policy. More savings are expected once both our policies are consolidated.
Annually, a $100 saving for a quick call? I’ll gladly take that.
