Marriage offers plenty of financial advantages. From the additional tax breaks that accompany joint tax filings to the economies of scale offered by "umbrella" insurance policies, many married people are able to save thousands of dollars per year. If you're newly married and want to maximize the cost-cutting potential of the institution, give your car insurance company a call and ask about its so-called "marriage discount."
It's highly likely that your insurance provider offers a significant discount to its married policyholders. Some insurance companies refer to this price cut as a "family discount" or "family plan." Others might not choose to name it at all. However, the vast majority of auto insurance providers offer it in some form.
There are several reasons for this. First, it's easier for an insurance company to keep tabs on a married couple. Since you and your spouse probably live at the same address, your provider can reach both of you at the same time. This saves on correspondence costs and makes the process of adding, upgrading or dropping coverage easier and less time-consuming.
What's more, married couples tend to function as a cohesive unit. Even if you and your spouse drive different cars and work in different locations, you're liable to spend a decent amount of your time together. From your insurer's perspective, this helps to "pool" your combined risk. Additionally, married individuals tend to make smarter, safer decisions. As such, they're far less likely than unmarried individuals to become involved in serious car accidents.
Married couples also tend to carry multiple insurance policies at the same time. For instance, you and your spouse are liable to have homeowner's insurance, car insurance, life insurance and possibly flood insurance. If you own certain valuable items like expensive art pieces or diamond jewelry, you might have multiple individual-item insurance policies as well. It's likely that these disparate forms of insurance are bundled together in a single "umbrella policy." Since your insurance company makes a tidy profit on each component of your umbrella policy, it can reduce the policy's overall cost and save you a substantial amount of money.
All told, these synergies can significantly reduce the cost of a married person's car insurance. If you have a clean driving record, your auto insurance might cost as much as 50 percent less than the typical unmarried person's policy. This could save you as much as $1,500 per year.