Learn how to claim your rightful rewards for tying the knot
To an insurance company, the best client is a married homeowner. Statistically, they are less likely to file a claim and more likely to share driving responsibilities with their spouse. All of which equates to a less expensive customer. And since 2015, same-sex couples have the legal right to marry in the US and thus the right to these benefits insurance-related benefits. Let’s break down car insurance for same-sex-couples.
Insurance companies see married clients as more financially secure and less of a risky investment. Because of this, married couples save an average of 5.6% annually on their car insurance, or about $74/year. These discounts only factor the simple change of status from “single” to “married” — not the myriad of other factors that change when you get married, such as adding an additional vehicle or a homeowners policy.
Although insurance is state regulated, the Supreme Court case Obergefell v. Hodges supersedes that authority and thus gives same-sex couples every legal right to marriage that comes with it. So, if you are a married same-sex couple, the same insurance rights and laws are owed to you. If, however, you feel they are being denied, speak with the Insurance Commissioner of your state.
Most couples go ahead and add their married partner to their policy for a number of reasons we will discuss. Still, it's still worth it to play Devil’s Advocate and explore the different reasons you might not want to add them to your policy.
Lots of speeding tickets, at-fault accidents, or citation will cause both you and your spouse’s rates to be high because they are being rated on your policy, or you on theirs. Having separate policies ensure you are not rated for anyone else’s driving habits.
Most insurance companies and most states use your credit score as a determining factor for your premium. Just like having a poor driving record, having a low credit score can negatively impact your premium significantly.
If you drive a Honda Civic but your significant other drives a Ferrari, you should expect a significant difference in your premiums. Your insurance company has to soften the risk of insuring such a high-value car by charging a high premium. If you’re worried about footing the bill for their fancy and expensive car, think about getting your own policy.
However, at the end of the day, splitting policies might even be an option at all! Some insurance companies won’t allow two separate policies within the same household at all. That being said, some states and companies allow a small degree of flexibility for the primary drivers (i.e., who will be rated on the policy.) In this case, if the driver with the best driving is the primary driver of the Ferrari, you might see some insurance savings.
Discounts like multi-vehicle and multi-policy are great ways to save on auto insurance.
Probably the biggest reason to group your policies is simply that it is so much easier to deal with each month! Even if your insurance company does allow you to separate your policies, you risk not having coverage on the policy you are not named on. Plus, if you're on the same policies, you only have to worry about paying one bill!
Car insurance for same-sex married couples, at the end of the day, is the same as it is for married couples. There are odds and ends to consider that unmarried couples don’t always have to think about.
Because you are married, you need to consider if you should keep your policy as it was prior to your marriage (potentially a single person policy), or if it makes sense to merge them. In most cases, straight or gay, it's best to merge the policies to avoid any headaches or confusion with your policy. Shop for car insurance here.