You’re probably well aware that getting hitched can save you money on taxes, social security benefits, housing and health insurance costs. But, at the peak of this year’s wedding season, we feel it’s our duty to give you yet another reason to be jealous of the married couples you’re watching blissfully say their I Dos: Car insurance is usually cheaper for married folks, too.
The savings can be substantial. We looked at our own data and found that just the sheer fact of being married save men and women about 10 – 12 percent on their premiums, when all other factors remain the same. The reason for this? When car insurance companies look at their data, they find that married people file fewer claims, and are therefore safer drivers, and less of a risk. Why this is the case is slightly unclear, though it probably has something to do with, you know, precious cargo. These savings can escalate quickly and dramatically if you combine policies with your sweetie—that is, unless one of you has a spotty driving history.
If it’s you who’s getting married this summer, let us be the first to congratulate you! Enjoy that honeymoon, and when you return, take a look at your car insurance to see if combining your policies might bring you even more happiness—in the form of a discount. And hey, even if you’re shacking up out of wedlock, you might check with your company as well—many of them offer discounts for partners, too.
We took a look at some of the numbers around marriage and car insurance, and found stats so fun we decided to illustrate them. Consider it our little wedding gift to you.