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Source: I worked as an IT consultant for a major US multi-line insurance company, working on policy rating – Property and Casualty.
A few notes:
Somewhat Off-Topic, but Major Note about Insurance Policies
To address the root of the issue
If you want to get a lower insurance premium ($425 semi-annually isn’t that bad, by the way), get an independent insurance agent, and ask for 3 to 5 quotes for car insurance (selecting your coverage and options). Independent insurance agents aren’t tied to any single company, and if you ask for multiple quotes, you know they’re providing you with actual insurance data (rather than just an email summary). If you’re able to get a lower premium, your insurance agent will be able to find it.
If you find one that’s about the same, you may want to consider having a cancellation letter drafted, and call your current insurance company, notifying them of your intent to cancel because you found better coverage elsewhere. They will usually max out your discount modifiers (as allowed by the state) to keep you, particularly if you have a good driving record.
WARNING: Don’t do this unless you’re prepared to actually cancel your account and switch. Some companies don’t care, and would rather push the ‘risk’ on to somebody else. I lowered my premium from $698/6mo to $440/6mo like this (felt bad for my insurance agent, though, he lost his commission).
P.S. Insurance agents don’t cost you any money. They get a commission from the insurance company (a sort of “finder’s fee”) that insurance companies aren’t allowed to bill you for.
Maybe you have more points, accidents, and or past claims. Maybe her driving record is impeccable, and or been driving longer than you. Switch it around, use her as the primary and leave yourself out of the policy. Most states allow you to be a driver in any insured vehicle, so even if your not on the policy, you’ll be covered in case of an accident. Pro your policy would be low, or lower. Con, you’re not on the policy. It really depends on the insurance company, but worth asking.
I am going to start with the assumption that actuaries are more scientist that moral guide post.
Yes. The insurance companies thinks you are less risky as a married person. They are completely convinced your behavior is more risky as a single person. The proof is in the lower premium. As to why? I will have to assume they are statistics and data that show a clear trend.
Luckily in the US, car insurance is a very competitive market, and therefore price is managed as closely as it can be by Insurance underwriters. To balance the need for profit and the importance of low price, data is a big deal. Data is a key asset for insurance companies.
Did you know that airbags and seat belts in cars (and lots of safety features) are in no small part to insurance companies getting laws passed to make the vehicle safer? Do you think the corporate people at BigCo Insurance are really concerned about you, or their profit? Safer cars means fewer payouts. Data told them that seat belts save lives and saving lives is good for the bottom line in the insurance industry.
p.s. No, you can’t just add somebody else to your policy and get the same discount, if that other person isn’t your spouse, they will know and the same discount won’t apply.
(I assume that last point, I don’t have access to insurance industry data.)