Two Surprising Things That Can Lower Your Auto Insurance Premiums
There are many well-known things you can do to lower your auto insurance rates, such as ask for discounts and shop around for the best prices. However, there are some lesser-known lifestyle changes you can make that may also result in lower premiums. Here are two you may be surprised to learn has an impact on your car insurance.
Getting Married
Getting hitched comes with many benefits, such as companionship and help with financial responsibilities. A somewhat hidden benefit to marrying your sweetheart is it can result in lower auto insurance rates in two ways.
First, being married actually lowers your risk of getting into an accident. A study conducted in New Zealand involving 10,525 participants found that people who were never married were two times more likely to get into an accident than those who were married. This is probably because married people may be less willing to take risks on the road, especially if there are children in the picture.
A second way marriage lowers you insurance premiums is you may qualify for more discounts. For instance, some insurance companies give discounts for multiple drivers and vehicles. You may also get a reduced rate if you purchase a home.
Getting an Education
Another surprising thing that can influence your insurance rate is your education or lack thereof. A study by Consumer Federation of America found insurance companies charged high school graduates higher rates than people who had college degrees.
Again, the reason comes down to risk. The more education a person receives, the less likely the person will get into an accident. For instance, a study found that the number of people without high school diplomas who died in accidents increased between 1995 and 2010, while the number of people with college degrees who died in accidents decreased during the same time period. There were several reasons for the discrepancy, including the fact that less educated people didn't have as much access to safer cars as their more educated counterparts.
However, you don't necessarily have to go back to school and get your college degree, though doing so can benefit you in many ways. Simply completing a driver's education course can result in reduced insurance premiums, especially if you have speeding tickets or other marks on your driving record.
There are many things that can affect how much you pay for auto insurance. Contact a broker or auto insurance company for help in finding the best policy for you. Companies like Crowel Agency, Inc. may be able to help meet your needs in this area.
Share