Marital Status and Car Insurance Rates

Car insurance companies look at many factors to determine your insurance premiums. Age, credit score and the type of car that you drive are all well-known factors, but did you know that your marital status can affect your rate as well? You may wonder why there is a relationship between marital status and car insurance rates. Here is some helpful information.

Correlation Between Marital Status and Car Insurance Rates

Two gold rings - reflected candlesInsurance companies will often compare statistics for different types of drivers. When comparing single customers to married customers, they have found that married customers file fewer claims than non-married customers. Married persons tend to drive more carefully than unmarried persons and therefore are involved in fewer accidents. This may be a reflection of age and the increase in familial responsibilities. By identifying this trend, insurance companies are able to extend lower rates to insure married customers.

Does Marital Status Affect Everyone’s Insurance in the Same Way?

Marital status is one of many different factors that affect rate. Depending on which set of groups you fall into, being married may have a larger impact for some than others. If you are in a high risk group, such as men under age 25, being married can be a huge help in decreasing insurance costs. Married couples may also save in other ways. By combining policies, married couples may qualify for multi-vehicle discounts. Married couples are also likely to be homeowners and can therefore take advantage of multi-policy discounts (i.e. by combining home and auto insurance).

Notify Your Insurance Company of Any Changes

If you are newly married, you may not necessarily think to contact your insurance company. Given the potential savings, you should notify your provider as soon as possible. Just as you may not have realized the connection between marital status and car insurance rates, there may be other discounts that you qualify for and are not taking advantage of. In general, it is a good idea to discuss changes in your life, such as an address change, with your insurance company to ensure that your policy is up to date and that you will not lose coverage.