Cheap Car Insurance For Married Couples in Massachusetts

Reader’s Question:

Is it true that if you get married you will get lower car insurance rate than being single? I live in Massachusetts and I will get married next month. I just want to make sure this is true so I can take advantage of the lower premium.

Frank

Boston, Massachusetts

 

Yes it is possible that you can get lower car insurance premium if you are married. It would be much better if your spouse also have clean driving record. It is viewed by car insurance companies that married couples are safer drivers than single individual. Maturity and being responsible are also seen in married couples. If your spouse has a driving record, thats a different case already.

The Division of Insurance in Massachusetts lists a 5% discount on your car insurance premium rate that can be applied for compulsory coverage and, if chosen, optional coverages if you own 2 or more vehicles insured by the same car insurance company. Usually this is known as a multi-car discount.

Should I Buy A Gap Car Insurance Policy?

Reader’s Question:

Is it advisable to acquire gap Insurance for my car insurance policy here in Milwaukee, Wisconsin, before a take out a car equity loan?

Tyler

Milwaukee, WI

Although it is not necessarily required, some lenders will actually require you to get and carry a gap insurance policy on your auto insurance before agree on financing your car. The reason is that with a gap policy in place, your lenders are assured that in the event your car gets totaled in a car accident, gets lost or stolen, or otherwise incur damage beyond repair, considered as “Total Loss”, gap insurance will provide the necessary safety net should your regular car insurance fails to sufficiently cover for the loss or damage of the vehicle (and to pay for any outstanding balances on your car loan or lease).

You need to be aware of your vehicles Actual Cash Value or ACV (the value being preferably quoted by a third party, not your insurance provider) since this will determine how big of a gap insurance coverage is necessary. This type of coverage is not really expensive since it the usual gap amount being insured is note very big. It is not advisable to keep this type of car insurance for a long period of time, especially after the maturity of your loan, or when the remaining loan balance is less than the car’s ACV. The amount of gap insurance needed will also vary depending on car type, car age and on your lenders policy as well.