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Does Getting Married Lower Your Auto Insurance Costs

Does Getting Married Lower Your Auto Insurance Costs Blog

Every vehicle owner is constantly looking for a way to positively influence what they pay as insurance. Where possible, many drivers move to safer neighborhoods and even try to drive shorter distances. Location and driving distance are two well-known variables that influence your automobile insurance premiums. But does your marital status also affect your coverage? If so, how and why is such a detail relevant?

Hi there, and welcome to today’s episode from the Insurance360 Video Series! I’m Fincrew brand ambassador, Stella, and on the show today, you’ll be finding out how your insurance coverage changes once you get married. The insurance360 Video Series by Fincrew constantly sheds more light on little known aspects of Malaysia’s automobile insurance world. So if you want to know how to get smarter and better coverage, make sure you hit that Subscribe icon and turn on notifications to our channel, so you don’t miss our valuable updates!

Now that we’ve got that bit sorted let’s jump right in. The first thing you need to know is that getting married does strongly influence what you pay as insurance in addition to factors like age. Now, you probably know that younger people pay more for auto insurance. This is because statistics show that they are more liable to get involved in accidents. Similarly, various studies lend credence that married people are less likely to get involved in auto accidents. Insurance is all about estimating risk and liability, which is why many auto insurers always check whether or not you’re married in addition to your driving history. Since married couples get involved in fewer auto accidents, many insurers will usually offer you a sizable discount once they know you’re married. There are multiple theories in circulation as to why married people seem to experience fewer auto mishaps. Some studies allude to the fact that married people tend to generally drive less than single people. Yet, others believe that it’s because people in marriages have more stability.

Whatever the case may be, the numbers conclusively show that unmarried individuals are more prone to accidents. In fact, the insurance discount for getting married is so extensive that even young drivers under the age of 25 can enjoy it. What’s more, if the married couple both have good individual driving records, they could combine their policy to get an even better multi-car auto insurance discount! Of course, the reverse is the case if one partner has an indictment on their driving record. Now, you may be wondering; If getting married positively affects your auto insurance, does getting divorced impact your policy as well?

Short answer, yes!

Not only do you immediately automatically forfeit your marriage discount, but any multi-car discount you’ve been enjoying would also be withdrawn. If the split requires that you change location entirely, you may expect what you pay for auto insurance to keep rising. Ultimately, while the multiple benefits of marriage discounts on your auto insurance aren’t enough reason to go and tie the knot, it is quite clear that this discount can do a lot to reduce what you pay for insurance coverage.

And that’s it!

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