Is there a white dress, wedding cake, and a ring in your future? Congratulations! Getting married is an awesome new step in your life. But all this love in the air brings changes to your finances, including your auto insurance. Curious about what happens to your policy after those wedding bells ring?
If both you and your new spouse have good driving records, you can potentially save big by combining your auto insurance. Most auto insurance companies offer discounts or lower rates to married drivers. Why? Your auto insurance rates are based off of how likely you are to get into an accident. And statistically, married drivers are less likely to get into an accident than non-married drivers. This could be for a few reasons- they tend to drive less, they take less risks, they are more likely to carpool, etc. No one quite knows for sure, but it could mean lower rates for you.
Getting married may also create opportunities for other discounts as well. For example, Verti offers a discount for having multiple vehicles insured with us, so adding your new spouse’s vehicle could save you a percentage. Look into what other discounts your spouse makes you eligible for that you might not have on your own.
However, getting married doesn’t guarantee a drop in your payments. If your spouse has a large accident history or several speeding tickets, you could see your rates rise. Ask your partner about their driving history, and if it’s less than stellar, you may want to consider keeping your auto insurance solo to prevent paying more. Also, if your spouse’s vehicle is of high value, or he/she drives much more than you, combining policies could raise your payments as well. Make sure you both have clean driving records and similar driving situations before switching over to a joint policy.