Cheap Car Insurance for Newly Weds

Of all the things that can affect your car insurance rates, getting married is, perhaps, one of the most surprising. In this guide, we’ll look at the reasons why newlyweds are likely to pay less for their car insurance policies than single drivers, while also showing you some of the ways you and your new spouse can save money on the best car insurance coverage.

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Why Does Getting Married Reduce Your Insurance Rates?

There are two reasons you can get cheaper car insurance rates when you tie the knot.

The first is the most obvious: There are now two of you. By offering cheaper rates to married couples, insurers know they’re getting two for the price of one. They want you to combine policies and they also know that married couples are more financially responsible and more likely to need other insurance products.

Secondly, as with everything else that can impact insurance rates, married drivers are less likely to claim than unmarried drivers.

It’s reasonable to suggest that married people are more likely to practice caution behind the wheel, as they have more to lose and are no longer living the free and single life. But that’s not the only thing at play here. 

This statistic may also have something to do with the fact that responsible drivers are more aware of the damage that a single claim can do to their driving record, and may, therefore, be less willing to claim for small dings and fender benders.

Whatever the reason behind this statistic, it doesn’t really matter. All the insurance company cares about is that married drivers claim less and can, therefore, be offered lower rates.

What Newly Weds Need to Consider

Once you tie the knot, enjoy your honeymoon, and open all those wedding gifts, it’s time to get down to business and start making the changes needed for your new life together.

When it comes to car insurance, you need to consider all the following factors:

Should You Combine Policies?

If your spouse has a bad driving record you might be tempted to get separate policies and to keep their record as far away from you as possible.

However, most insurers will consider your spouse’s record even if you’re not combining your policies. This, combined with the fact that many insurers offer multi-vehicle discounts, means it’s nearly always better to combine policies.

Do You Have Enough Coverage?

Many customers will stick with the state minimum requirements for car insurance, but those requirements are very limited, but in financial coverage and scope. 

To get complete cover, you should look into higher liability coverage options as well as additional coverage such as collision, comprehensive, and more.

What Can You Afford?

Affordability is key with any new purchase but determining your affordability isn’t as simple as seeing how much money you have left every month and then deducting your projected auto insurance rates.

Affordability also stretches to the types of coverage you choose. For instance, if you have a new car but don’t have much left in your budget, you may be tempted to opt for the most basic liability coverage.

But can you really afford to take such a risk? After all, liability coverage only applies to the other driver, and if you hit a wall, tree or an uninsured driver, you could lose everything you have invested in that car.

Other Ways to Get Cheaper Car Insurance Quotes

The average wedding in the United States costs over $30,000. Getting married just to save a few bucks on your car insurance premiums is akin to buying single malt whiskey just so you can sell the empty bottles. 

You will also save on your premiums if you are a homeowner, as research suggests that homeowners are more reliable than renters. Again, you’re not going to buy a house just to save on your car insurance, but if marriage and a move are already in the pipeline or you have just tied the knot, those cheaper premiums are an added benefit.

What’s more, by implementing a few other simple strategies and making some minor changes, newlyweds and long-term married couples can save even more on their auto insurance:

Add Multiple Cars and Policies

Most auto insurance companies offer a multi-car discount, whereby policyholders can save money by adding all their household cars to the same policy.

If you have more than one car, add them all and your insurer will give you a sizeable discount.

It’s not just cars, either, as insurers will also offer you discounts when you combine different types of insurance coverage and insurance policies into one. For instance, all of the big insurance companies (GEICO, Esurance, State Farm) will give you a discount if you purchase home insurance and car insurance. 

Often referred to as “bundling” or a “multi-policy discount”, this is essentially the insurer’s way of convincing you to purchase more products. You’ll also benefit from having car insurance, homeowners insurance, and other forms of insurance with the same company, as it will be easier to claim when the time comes.

Improve Credit Scores

If both you and your partner have a good credit score,  your chances of getting cheap car insurance will increase considerably.

Credit scores play a very important role in determining your car insurance rates, as research suggests that good credit drivers are less likely to be involved in an accident and to commit traffic violations.

Of course, improving your credit score is easier said than done and if you have two credit scores to improve, you’ll have a lot of work on your hands. But simply paying your bills every month while paying off as much debt as you can, increasing credit limits, and avoiding hard inquiries, will do the job.

Pay Upfront

Most car insurance companies will give you a discount if you pay for your premiums upfront. That’s a lot of money to spend in one go and many policyholders will deem the discount (often just a couple of percent) to be too low. But it all adds up, and once you combine this discount with all the others, your premiums will be a fraction of what they were.

If you’re not going to pay for everything upfront, at least consider going paperless as this can have just as much of an impact. You will also be doing your bit to reduce waste, and there is no need for paper bills and invoices in this day and age.

Clean Driving Record

Insurers want drivers with clean records and a spotless driving history. Such drivers are less likely to be involved in an accident and to make a claim. There is still a risk, of course, but by driving responsibly, staying within the speed limit, and avoiding all tickets, you can get the very best rates in the future.

Consider More Insurable Cars

New cars may cost more to insure than used cars; sports cars will always cost more than SUVs. These are just two key facts to understand when shopping for cars.

The difference between a highly insurable vehicle and a high-risk one could be over $1,000 depending on other factors, so it’s very important to keep these things in mind.

What’s more, with a new car you will typically need more coverage, especially if it’s financed. You’ll need options such as collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, and even new car replacement benefits. You may also want to consider low deductibles.

With an older and cheaper car, none of these insurance options are necessary. You can take more risks because you stand to lose a lot less if anything happens to your vehicle.

Collect All Discounts

Car insurance discounts are offered to all applicable drivers and can be accessed even if you have a bad driving record. Discounts are also available with all insurance providers, although the types of discounts they offer can differ considerably from one insurance carrier to the next.

With many, you’ll get a discount if your car has safety features and anti-theft devices (airbags, anti-lock brakes, alarms, trackers) as well as good student and good driver discounts. With some, you can also get discounts if you’re in the military or are a member of the AARP. 

Car insurance discounts are all about rewarding you for the things that reduce risk and encourage you to make changes that benefit the insurance companies.

Bottom Line: The Cheapest Auto Policies for Married Couples

The final and most important step in getting the cheapest car insurance as a married couple is to compare as many quotes as you can. 

Get free insurance quotes online, speak with insurance agents, tweak deductibles and coverage options, and only settle when you have found the perfect range of coverage for the best possible price. It takes a little extra time and effort, but it’ll all be worth it in the end when you’ve saved hundreds of dollars and haven’t forced yourself to make risky sacrifices.