Graduating post-secondary, getting married, turning 50; there are so many big moments in your life, and you go through so much to get there, so why shouldn’t you be rewarded? Thankfully, there are some of life’s milestones that are able to get you a break on your insurance, and getting hitched is one of them. Once you are married, there are many insurers that will be able to offer you a lower price on your insurance rates.
Especially with auto insurance, there is a long list of factors that can affect the cost of your coverage, and many insurers include your marital status among them. While it may not always come in the form of a “marriage discount,” those who are married tend to pay less on their insurance premiums.
Some research has shown that those who are married tend to file fewer claims, and maintain cleaner driving records. So, in the eyes of your insurer, you are seen as less of a risk married than you are while single. Auto insurance providers reward those seen as a lower risk by offering lower insurance premiums, so by falling into that category you could see a drop in prices.
Much like with auto insurance, being married can also lead to cheaper premiums on your home insurance. As is the case with your auto insurance, you may not receive a “marriage discount” per say, but your perceived drop in risk as a married person may lead to a less expensive policy.
In addition, being married tends to lead to more things needing to be insured, such as vehicles. Bundling you and your spouse’s vehicles together with your home insurance could lead to even more discounts on your premiums.
Because the lowered premium costs associated with being married can vary from insurer to insurer, it is best to shop around to find the best price for the coverage you need.
It is also important to remember that there are many more factors that affect the cost of your insurance than just your relationship status, so do not sweat it if you haven’t yet settled down with that special someone. To help keep down the costs of your auto and home insurance premiums, be sure to maintain a clean driving record, strive to be claims free, bundle your services together, and inquire about other discounts that may be available to you.