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Why Adding Your Girlfriend To Your Auto Insurance Policy Might Help Your Wallet

boyfriend and girlfriend drivingEveryone wants to find unique and innovative ways to save money on their car insurance premiums. One new alternative method is to consider getting a girlfriend. This is a great way for men to save money on their car insurance premiums because men are known for being faster drivers. This in turn makes them more likely to get traffic citations including speeding tickets. It also makes them more likely to become involved in high speed auto accidents.
Some men can save two hundred dollars or more on their car insurance premiums just by adding their girlfriends, fiancés, or wives to their car insurance policies. The main reason for the huge savings is because women are typically safer drivers than men. If a woman is added to the policy then she also becomes a driver in the insurance company’s risk pool. Women are less risky drivers so this drops the risk in the pool because she will be driving the vehicle almost if not more than her significant other. The one catch to this is that the couple must live together and provide the same address in order to add the woman to the insurance policy.
Men who are very committed to saving money on a car insurance policy may want to take the final leap and marry their girlfriends. This makes the male driver save even more money than they would by just insuring their girlfriend.
By the same token, it is important to avoid adding a girlfriend to your insurance policy just because of her gender. In order to get the best discount possible, the girlfriend needs to have a clean driving record. If the girlfriend has gotten many speeding tickets or has been involved in many car accidents then she might be a liability to the male driver.
It is a good idea to have each party check their driving histories before deciding whether or not to add another person to their insurance policy. A person’s girl friend may not be entirely forthcoming about her driving record. Another thing that a man needs to take into consideration before adding a girlfriend to his auto insurance policy is her current credit score. The economy is very bad right now and many people have seen their credit scores drop dramatically due to credit lines being cut and their overall amount of credit card and other debts increasing.
Auto insurers review a person’s credit history before setting their insurance premium rates. This is because how you manage your finances often determines your character and how responsible you are. Responsible drivers are less risky to insure because they do not get involved in as many car accidents, get fewer traffic citations, and are more likely to pay their insurance premiums on time every month.
If you have a decent credit score and then add your girlfriend to your auto insurance policy and she has a bad credit score then your insurance premiums could actually go up. Because credit scores change all the time, it is a good idea for both the man and the woman to pull their credit reports and get a credit score. This is to make sure that the woman is on equal or better financial footing than the man who wants to add her to his auto insurance policy.
Men and women both need to be cautious when adding any one to their auto insurance policies. Evaluate the pros and cons of such an action and then make the decision that is right for your particular situation and your finances.
See how can help you save money today!

Source: Fox Business

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