Your marital status is a qualifying factor used by auto insurance companies to help determine how risky you are as a driver. According to the study, marital status is almost as important in car insurance prices as age and gender. On average, a married person in their 20s pays 21 percent less than a single person in their 20s for the same policy. As a result, any costs to your insurer will be taken into account when the insurer re-evaluates your premium.
Anywhere else, a low credit score will likely increase the price of your car insurance and your zip code could multiply the damage. Without exception, young drivers pay more for car insurance than any other demographic group, and there's a very good reason for that. Most of the time, it's easier to combine plans and get a joint car insurance policy for married couples. Learn below why marital status is so important to auto insurance companies and when you should add your spouse to your car insurance plan.
These disparities were discovered in a study of nearly 100,000 insurance quotes from 10 of New York's top auto insurance companies. For the second consecutive year, a study commissioned by InsuranceQuotes found that car insurance premiums, on average, can vary by more than 50 percent depending on age, gender and marital status. At the end of the day, if you want to start saving on car insurance in Canada, you should do everything you can to stay safe and strive to become a cautious and responsible driver. Insuring your home, boat, or other type of vehicle with your car is an easy way to save 10 to 15% on your car insurance premiums.
If you want to avoid rising premiums in this scenario, you can exclude your spouse from your car insurance. If a car accident isn't your fault, your insurance rate could still increase, depending on the state and the insurance company. This is something to keep in mind if you share your vehicle with your spouse, even if the car insurance policy only includes your name or that of your spouse. If you live in a state where auto insurers can use your credit score and zip code and you think that bad credit could be inflating your premiums, shop around.
In addition, the driver's zip code can indicate if the insurer should expect more claims for traffic accidents, vandalism or theft, according to Michael Barry, a spokesman for the Insurance Information Institute, a trade association. One of the potential changes that many married couples overlook is the way their marital status affects their auto insurance rates.