Best Condo and Car Insurance Bundles

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

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How to find cheap car insurance and condo insurance bundles

 

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. Owners of condominiums tend to file fewer auto insurance claims, and, as a result, are cheaper to insure in the long run.

Let's review the best ways to save when purchasing condo and car insurance policies.

 
Condo and car insurance bundling — table of contents:
 
 

 

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 to state 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% could grow to 9% — or an average of $113 off your car insurance costs each year!

 
Without Condo Bundle DiscountWith Condo Insurance Bundle Discount$ Savings
$1,393$1,280$113
 

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

 
Car insurance info:
  • 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 info:
  • 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 put in place a coverage cap on personal belongings. Any items in excess of this value amount should be itemized and insured via extended coverage. Items that commonly max out coverage limitations include:

For more information on how to insure expensive belongings, consult our in-depth guide to condo insurance. This information may help you get the most accurate and affordable quote possible.

 

 

Which insurance company offers the best condo-auto insurance bundle discounts?

 

Now that we’ve explored how to get quotes for your condo and car insurance coverage, let’s talk about the companies that offer the best discounts. With a general driving profile, 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 a car insurance-condo insurance bundle. Note: this cost data applies only to auto insurance, not the combination of your condo policy and car insurance coverage.

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

 

 

How to save on car insurance — with or without a condo insurance bundle

 

Now that we’ve outlined how to get cheap 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 (aged 16 to 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 your coverage options suit your needs

Unlike owned property — like a condo — your car depreciates over time. So it’s important to evaluate your car’s insurance covrage 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
 

Compare rates

While a bundling 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 offer insurance bundles, so don’t limit your search.

Compare insurance rates and get insurance quotes today.

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Additional resources


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


Methodology

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 surveyed nearly 53 million rates to explore trends for specific auto insurance rating factors across all United States ZIP codes.

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 based on rounding.

Ava Lynch LinkedIn

Ava worked in the insurance industry as an agent for four-plus years. Currently providing insights and analysis as one of The Zebra’s resident property insurance experts, Ava has been featured in publications such as U.S. News & World Report, GasBuddy, and Yahoo! Finance.