Kingston Insurance Agency LLC wants South Kingstown, RI residents to fully understand how marriage could help them save money on their auto insurance. Conventional wisdom says married couples save on their premiums if they combine their coverage into a single insurance policy, but there’s a huge caveat to this.
Both Spouses Need a Superb Driving Record
Combining insurance only works to lower a married couple’s premiums if both have a good driving record. If one spouse has a DUI, DWI, or lost points from their license, they would probably raise the premiums of the spouse with a clean record.
Why Do Married Couples Earn Lower Rates?
The insurance industry conducts complex statistical studies to determine the risk levels of groups of individuals. This actuarial study results in certain situations providing a person or couple with potential savings in the form of discounts or lower premiums. Married individuals typically engage in lower-risk activities. This lowers the risk of insuring them, so insurance companies pass along the savings.
How to Handle a Spouse with a Bad Driving Record
Before you get married, every couple should speak with one another honestly about matters that could affect their finances, creditworthiness, or insurability. The number one thing that marriage counselors say couples fight about – money – can prove easy to deal with if you remain upfront with one another. Reveal DUIs or DWIs, unlike the character Fritz from “The Closer,” who hid his DUIs from Brenda. Keep your coverage separate until the spouse with a bad driving record repairs their record.
Contact Us for an Auto Insurance Review
Whether you’re about to tie the knot or you’ve been married for years, let Kingston Insurance Agency LLC uncover ways you could save on your auto insurance premiums. Contact us today for an appointment, South Kingstown, RI residents!