Car Insurance for Condo Owners

How much can you save by combining condo and car insurance policies?

Car Insurance for condo owners


While a condo insurance policy is different than a homeowners insurance policy, it comes with similar car insurance savings. From an insurance company’s perspective, condo owners are more financially stable than renters. They tend to file fewer claims, present less risk, and are cheaper to insure in the long run. Let's review the best ways to save when purchasing condo and car insurance policies.


Getting car insurance with a condo insurance policy
  1. How to get a multi-policy discount for car and condo insurance
  2. Which companies offer the best multi-policy discounts for condo and car insurance?
  3. Simple tips to save on auto insurance
  4. Additional resources




How to get a multi-policy discount for car and condo insurance


There are two ways to save on auto insurance as a condo owner. One is simply by stating you own a condo when applying for car insurance. On average, condo owners pay 2% less for car insurance than do renters, multi-policy discounts aside. If you purchase your car and condo insurance policies from the same company, that 2% bumps up to 9% — or an average of $113 off your car insurance costs each year!


Without Multi-Policy DiscountWith Multi-Policy Discount$ Savings
$1,393$1,280$113

To get a multi-policy discount, you'll need to keep your condo and car insurance policies within the same company. Be sure to keep the following information accessible when purchasing these policies.


Car insurance:
  • Personal information of all drivers: driver's license numbers, DOB, insurance history, and driving history, including a timeline of major violations
  • Vehicle information, including VIN
  • Address of primary residence (address of condo)

Condo Insurance:
  • Address of unit
  • Personal information of all individuals living at the residence
  • Estimated value of your condo unit
  • Estimated value of personal property
  • Desired liability limits
  • List of valuables in the condo requiring additional coverage

An insurer may place a coverage cap on personal belongings. Any items that exceed this amount should be itemized and insured via extended coverage. Items that commonly max out coverage limitations include:

  • Jewelry
  • Furs
  • Sports equipment
  • Watercraft
  • Musical intruments
  • Firearms

For more information on insuring expensive belongings, see our in-depth guide to condo insurance. While this information is not absolutely vital to get a car and condo insurance quote, it will help you get the most accurate quote possible.




Which company offers the best condo-auto multi-policy insurance discounts?


Now that we’ve explored how to get quotes for your auto and condo, let’s talk about the companies that offer the best discounts. With a generalized driving profile (outlined here), we surveyed top insurance companies and added a “condo owner” multi-policy discount to the policy.


CompanyCondo owner% Savings
Allstate$1,5288.12%
Geico$1,3837.58%
Farmers$1,3869.27%
Liberty Mutual$1,4217.72%
Nationwide$1,2627.90%
Progressive$1,4218.28%
State Farm$1,4377.28%
USAA$1,4467.07%

Nationwide is the cheapest insurance company for car insurance, when bundled with a condo policy. Note: this cost data applies only to auto insurance, not the combination of condo and car insurance.

Consider this data a starting point in your search for condominium and car insurance.




Simple tips to save on car insurance


Now that we’ve outlined how to get car insurance as a condo owner, let’s go over some simple ways to save.


Make sure you’re getting discounts

A big benefit of having a home and auto insurance policy with the same company is the discount. Here are some other standard discounts about which you should inquire.

  • Good driver
  • Good student discount (ages 16-25)
  • Good/safe teen driving discount (with pre-approved safety training course)
  • Telematics programs
  • Payment by bank account
  • Paid-in-full discount
  • eSignature discounts
  • Paperless billing discount
  • Multi-vehicle discount

Be smart with your claims

Although it may make sense to file a claim after an accident, be aware car insurance companies will often raise your rates for three years after a claim. Before filing a claim, follow our guidelines:

  • Get an estimate for the repairs at a local repair shop.
  • Use our State of Insurance analysis to see how much an at-fault accident would raise rates in your state. Consider this value over three years, as that is how long your insurance company will charge you.
  • Compare the out-of-pocket costs with the rate increase plus your deductible. If it is cheaper to file a claim, go ahead.

Despite this, there are times when you'll have to file a claim. You should file a claim in the below scenarios:

  1. Someone was injured. Because of how expensive medical expenses can be, it will probably be cheaper to let your liability coverage and healthcare handle this.
  2. You are the at-fault driver and the not-at-fault driver does not want to be paid out-of-pocket for the repairs.
  3. You suffer a total loss or extensive property damage

You could be required to inform your insurance company after any accident as part of your policy conditions. Check your policy guidelines.


Make sure you have the correct coverage

Unlike owned property — like a condo — your car loses value over time. Meaning, it’s important to evaluate your car’s coverage as it ages. While the decision to drop coverage is entirely up to you, a general rule of thumb in the insurance world is: if your vehicle is worth less than $4,000, you do not need comprehensive or collision coverage. In the event of a total loss, the value you would receive from your insurance company wouldn't add up to the premium you'd be paying.

We recommend using multiple sources to determine the value of your vehicle. Kelley Blue Book and NADA online are good places to start.

If your vehicle is worth more than $4,000 but you’re still looking to pay less for your coverage, consider raising your deductibles. Your deductible is your share of financial responsibility in the event of a claim. Raising your deductible will reduce what your insurance company will pay, thus reducing your premium.


Coverage LevelAverage Annual Premium
Liability-Only$672
$500 Deductible$1,427
$1,000 Deductible$1,268

Shop around

While a multi-policy discount for condo and car insurance can be a great way to save, it’s only part of having a low car insurance payment. The best way to find cheap car insurance is to shop as many options as possible for your condo insurance and car coverage. Most major car insurance companies will offer a multi-policy discount, so don’t limit your search.



Find the perfect policy for you today!


Additional resources


If you’re looking for a quote on car insurance or simply more information on condo insurance, see below!


Methodology

Between September and December 2017, The Zebra conducted comprehensive auto insurance pricing analysis using its proprietary quote engine, comprising data from insurance rating platforms and public rate filings. The Zebra examined nearly 53 million rates to explore trends for specific auto insurance rating factors across all United States zip codes, averaged by state, including Washington, DC.

Analysis used a consistent base profile for the insured driver: a 30-year-old single male driving a 2013 Honda Accord EX with a good driving history and coverage limits of $50,000 bodily injury liability per person/$100,000 bodily injury liability per accident/$50,000 property damage liability per accident with a $500 deductible for comprehensive and collision. For coverage level data, optional coverage (that must be rejected in writing) is included where applicable, including uninsured motorist coverage and personal injury protection.

National property and casualty losses information is from the Insurance Information Institute and the NOAA National Centers for Environmental Information U.S. Billion-Dollar Weather and Climate Disasters report.

For vehicle make and model data, analysis referenced the most popular vehicles in the U.S. by 2016 year-end sales according to Goodcarbadcar.net’s automakers’ data.

Data may vary slightly throughout report based on rounding.