Adding a Spouse to Your Car Insurance Plan Can Lower Your Premium

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Every insurance company wants its customers to buy more coverage. If you’re married, insurance companies are almost certain that you will add more names to the policy.

Married couples, typically, are eligible for higher discounts than those available for adding a child to an insurance policy.

The table below shows how  your car insurance premium can change when you add  your spouse to your policy. The example is from zip code 900039 in Los Angeles. The premiums are based on a 25/50/25 liability protection and a $500 deductible. Both drivers are assumed to be driving their own 2010 Toyota Corolla.

Husband AloneWife AloneTotal Price of Two Individual PoliciesPrice When the Two Are Included in a Single PolicyAmount SavedPercentage Savings
Average Premium$948$922$1,870$1477$39321%

If a married couple registers for insurance with the same company, then they also become eligible for multi-car discounts. It is important to ensure that both you and your partner are named in the same policy, instead of different policies, in order to avail maximum coverage. The only situation in which adding a spouse may be problematic is  if your spouse has a bad driving record. However, statistics show that the amount of money saved by adding a spouse is overall greater than the losses that may be incurred because of poor driving record.

For insurers, bundling home and car insurance policies together is hugely profitable. Married couples who register as car insurance customers are likely to buy home insurance plans as well, and if both partners are satisfied with the services of the provider, the chances of bundling insurances increase. Also issuing a new insurance policy to a customer is a more expensive process for providers than adding more names to the same policy.  However while doing this, remember that you can add your spouse as either the co-owner or as a listed driver in your auto insurance policy. The former ensures that your spouse has the exactly same control over the policy as you do. It will enable them to pay bills, file for claims, add or remove coverages, and modify limits if needed. Additionally if your vehicle needs repairs, your spouse will be able to visit the mechanic and get the repairs done, as the insurer will reimburse both owners listed on the policy. On the other hand, if you list your spouse as another driver in the policy, all the costs will be covered if your spouse is involved in an accident with your vehicle. However, he/she will be not able to control any other features of your auto insurance policy.

Even though there are many benefits to adding a spouse to your car insurance plan, you should keep in mind certain conditions. For instance, if you drive a sports car, and your partner rides a motorcycle, then adding your spouse to your car insurance may not be the best idea. The charges and coverage limits for the two vehicles are completely different, and a joint policy may not be financially beneficial.

Find a comprehensive analysis of all the ways to you can save on your car insurance, here.

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