Should Newlyweds Combine Their Auto Insurance Policies?

Should Newlyweds Combine Their Auto Insurance Policies?

You’ve joined in holy matrimony – but should you join auto insurance policies? 

Saying “I do” is an exciting time that means a lot of happy changes in anyone’s life. Now that the honeymoon adventures have been logged and you’re both happily enjoying married life, you should consider one important task: combining auto insurance coverage. In most cases, car insurance is cheaper for married couples, but there are some caveats.

If you choose not to combine auto insurance policies, chances are, you’ll save money just by being married. Researchers found that married couples save an average of 10 to 12 percent when all other factors remain the same. This is because insurers see married couples as more stable, conscientious, and less likely to file a claim than single drivers.

For an even better discount, consider combining your car and your partner’s in a single policy. This makes sense if you both have spotless driving records and no recent gaps in insurance coverage. In addition to lower rates, having two cars on the same policy can often earn you multi-car discounts from insurers. What’s more, even if your household only has one vehicle, you can still earn discounts for sharing a policy.

Bear in mind that combining policies doesn’t always make financial sense. Combining a low-risk driver’s policy with a high-risk driver’s will likely increase the low-risk driver’s car insurance rates. If your partner has a driving history with traffic violations and car accidents, you may find that joining policies raises the premiums significantly. In this case, it may be more financially wise to keep separate policies.

Whether you are looking to join policies or have questions about your coverage, talk to the experts. For your car insurance needs in Phoenix, Arizona, contact the professionals at American Premier Insurance.