Getting married is one of life’s most special events. Nothing compares to the joy of starting life with the one you love. But in the midst of all the fun and excitement, you can easily forget to address important financial details.
In this series, we will be talking all about how marriage affects your insurance policies, so you and your significant other can better plan your future together.
To begin with, let’s start by discussing how marriage impacts car insurance.
Marriage and Car Insurance Rates
You’ve likely seen several studies showing that marriage has several positive effects on your health. Married couples are less likely to get cancer, experience heart attacks, or have surgery. But did you know that many times marriage can also reduce your car insurance rates?
Why Married Couples Get Lower Car Insurance Rates
Many insurance companies offer discounted auto insurance policies for married couples. The reason for this is that individuals who are married tend to get into less wrecks. Many theories have tried to explain why:
- Married couples have more stable lives – Others speculate that married couples may have more stable lives, making them more risk aversive.
- Married couples drive less – One theory is that married couple just tend to drive less. By not being on the road as much, they are less likely to experience a traffic accident.
Should We Combine Policies?
In addition to receiving a reduced rate, you will also need to figure out whether you would like to combine your auto insurance policies. Going with a multi-car plan might be a good option for some couples, as you could end up getting a lower rate. This is especially true if the two of you have good driving records.
If, on the other hand, one of you has a bad driving record or gets a ticket in the future, it will end up affecting you both. So you will need to talk with an insurance agent, like Royce Williams, to determine the best choice.
Set Yourselves Up for a Successful Marriage
Make sure you set yourself up for a successful marriage by choosing the right insurance policy for your situation. Royce Williams has several years of experience helping married couples get the best possible insurance policy for them. Give us a call at (615) 356-4800 to learn what we can do for you.