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Q

Does a baby change your rates?


A

Congratulations on the addition to  your family.  It's a time to cherish; however, it doesn't mean it will translate into a discount on your car insurance policy. 

Car insurance discounts vary by company, so there may be a few insurers out there that often a reduction of rates for starting a family. However, in general, having a baby isn't a standard item that affects your car insurance rates one way or the other. 

Car insurance companies calculate your rates based on a variety of rating factors.  The main ones that concern you personal information typically are:

  • Gender
  • Age
  • Years of driving experience
  • Driving record
  • Occupation
  • Level of education
  • Marital status
  • Geographical Location

So, if you're married, that should bring your a reduction in rates or discount, even if having a baby does not.  If your driving record improves due to your safe driving with the baby, that in will help lower your car insurance rates.  Also, if you've traded in a sports car for a family sedan or minivan, that should help you receive more affordable car insurance premiums since family cars are usually cheaper to insure.

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If you have a baby that you transport in your vehicle now, or are expecting one soon, speak to your insurance agent and see if a rate reduction is available with your insurance carrier because of this life event.  Likely no discount will be offered, but that doesn't mean you can ask about what other discounts you may be eligible to receive.

For instance, if you or your wife now are going to work from home with the baby, or stop working altogether, then let your insurance company know if your annual mileage will be less on one of your vehicles.  This could bring you an added discount on your car insurance premium.

If your rates are not discounted, you may want to shop around with other insurance companies to see if you can reduce your rates. You can start to compare car insurance rate quotes here with us.

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