Do married couples pay less for car insurance?

    December 17, 2017

    Married couple, take note! Well, not every man will agree, but marrying does help save money on certain things!

    And vehicle insurance is one of the savings a married couple can enjoy.

    In fact, in South Africa, single people pay far more on their vehicle insurance premiums than a married couple.

    How does a married couple benefit?

    Statistically, married people are regarded as safer drivers who therefore pose a lower insurance risk than the out-and-about single set.

    Another enticing way to save on monthly overheads is to combine vehicle insurance with that for your home or its Married Couple and Car Insurancecontents. Savings with these umbrella combination policies can offer substantial savings, so don’t forget to investigate this option with your broker or insurance company representative.

    While your marital status is one of the factors that vehicle insurance companies consider, other factors that determine monthly insurance premiums include:

    • Gender
    • Age
    • Place of residence
    • Credit rating
    • Make and model of vehicle

     

    Insurance company viewpoint

    Statistics worldwide have proven that married people are less likely to be involved in a road accident that unmarried singles.

    While many may feel this to be discriminatory, statistics back up the claim indicating that single people are twice more likely to incur injury in a road accident than married couples.

    In the event of a divorce

    Car premiums can change after a divorce because of changes in personal situations. You should provide your insurance company with all updates, including:

    • Change in address
    • Change of financial situation
    • Changes in the number of people in the household
    • Changes in the number of kilometres driven every month

     

    All of these factors could impact on the vehicle’s monthly premium and failure to keep the insurance company up-to-date with changes in personal circumstances could affect a claim against the policy.

    Talk to your insurer

    Contact your insurance company or broker immediately if you have any changes in your personal life, such as a pending marriage, divorce and even co-habiting with someone else.

    All this information will help re-evaluate your monthly premium payments.

    Your broker or insurance company agent will walk you through the process and explain how these changes can affect your monthly premiums.

    He/she will also advise on whether combining policies will be in your best interest.

    Conclusion

    With today’s world-wide-web, consumers are spoilt for choice when it comes to insurance.

    Most reputable South African insurance companies have their own dedicated websites where consumers can obtain all information relevant to their needs.

    There are also websites that offer a free quotation service based on personal information supplied by the client. Taking this route can be the quickest way in which to decide on an insurance package.

    A married couple that hasn’t already done so should take the time to investigate all their options pertaining to vehicle insurance and combining their assets under one umbrella policy. This can offer them substantial monthly savings.

    Complete and submit the form to get a car insurance quote for a married couple (or anyone else!)

     

    All info was correct at time of publishing