Insurance Rates Married Vs. Single

When you apply for an insurance policy, your agent will likely ask you if you are married or single. Although this may seem like an irrelevant question, your marital status can affect your insurance rates.

Types of Insurance

Marital status typically only affects auto insurance, although marital status rating may be used to determine life or homeowners' insurance as well.

Cost

Typically, married applicants are charged lower insurance premium rates than single applicants.

Financial Stability

Married applicants tend to be more financially stable than single applicants, so they are less likely to file questionable claims out of a need for money.

Risky Behavior

Insurance companies see married policyholders as less likely to engage in risky behavior, which reduces the chances that they will have accidents and file claims.

Multiple Vehicles

Because married couples typically insure their vehicles with the same company, they can save money in the form of policy discounts. Insurance companies often offer a discount of 5 percent or more to policyholders who insure multiple vehicles under the same policy.

References

• CarInsurance.com: Are Insurance Rates Higher When You Are Married?
• CarInsurance.com: If I Get Married Will I Save Money on My Car Insurance in Massachusetts?