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Why Relationship Status Matters

Your relationship status can have a large impact on your premium.

Even if you don’t update your relationship status on social media, you should make sure you update it with your insurance agent. This can have a large impact on your premium – especially your auto premium. Auto insurance companies give several discounts. Depending on the number of people you have on your policy and your relationship to them your premium will change. Here are some of the ways your auto insurance can be affected:

1. Multi-Driver

When you have more than one driver on your policy, a multi-driver discount is applied. Insurance companies want to make sure you’re not getting into situations where coverage may not apply. Therefore, they incentivize you to have all drivers living in the same house on one policy. For example, we know that insurance follows the car, not the driver. What if your kid caused an accident in your car and they aren’t on your policy? Insurance would most likely deny the claim. This is due to the exclusion ‘furnished for your regular use.’ In order to avoid this possibility, they give a discount if you have all household members on the same policy.

2. Married

Even if you’re getting a multi-driver discount, if your insurance company is unaware that the other driver is your spouse, you’re missing out on another large discount! This is a case you’ll actually want to sing that famous tune that gets stuck in everyone’s head, “We’re going to the chapel and we’re going to get married,” so you can take advantage of all the appropriate discounts. One of my coworkers was paying approximately $1,600 a year for his auto insurance. When he got married, he added his wife to his policy with her car. With the multi-driver and married discounts, their combined insurance dropped several hundred dollars! Make sure you’re communicating important relationship information to your agent.

3. Widow/Widower

Several companies are starting to see the pain that comes with the death of a spouse, and are appropriately responding to it. I have to imagine that this is one of the hardest things to go through in life. Some insurance companies have started to allow part of the married discount to stay on someone’s policy if they are a widow or widower. So if you’ve recently been through a tragic experience, when it’s appropriate, check with your agent to see if any companies offer this. It’s not very common yet, but hopefully, more companies will start to take this stance as well.

If you’re not sure how an upcoming relationship change will affect your insurance, call us to find out!