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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. As a result, they pay less for car insurance in the long run.

Let's review the best ways to save when purchasing condo and car insurance policies, and some tips to help you get the cheapest car insurance quotes from some of the best value carriers.

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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.

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)

On average, condo owners pay 2% less for car insurance than renters.

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.

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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 rates when you bundle. With a general driving profile, we surveyed top insurance companies and added a “condo owner” multi-policy discount to the policy. Below you can see the average monthly and annual premiums for auto insurance as a condo owner with multiple policies.

Company Avg. Monthly Premium Avg. Annual Premium
State Farm $110 $1,315
USAA $111 $1,330
Nationwide $113 $1,359
GEICO $122 $1,462
Farmers $124 $1,493
Progressive $140 $1,676
Allstate $180 $2,154
Updated: 09/29/22.

Dynamic auto insurance data methodology

Methodology: The auto insurance rates displayed above and throughout this page are dynamic, meaning the data will refresh when the most recent information is made available. Rates are based on a sample driver profile — a 30-year-old single male driver with a Honda Accord and full coverage. This profile was adjusted based on common pricing factors used by major car insurance companies, like age, coverage level, driving record and others.

State Farm 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.

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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 an insurance claim, follow the below 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.

Car Insurance companies will often raise your rates for three years after a claim.

Despite this, there are times when you'll have to file a claim.

You should file a claim in any of 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 for details.

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 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 and reduce your premiums. The table below outlines different coverage options and their average premiums.

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Coverage Avg. Annual Premium
Liability Only $597
Full Coverage with $1,000 Deductible $1,554
Full Coverage with $500 Deductible $1,760
Updated: 09/29/22.

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RECENT QUESTIONS

What does "walls out" coverage mean in an HOA policy?

I believe they are saying that since the damage is to the interior of the condo, then it is the unit owner's responsibility to get any damages covered — whether they need to pay out of pocket or use their own condo insurance. The HOA "walls out" policy generally means that it will cover damage to the exterior walls, roofs, and other property contained inside the exterior framing, but not anything inside the unit.
Sep 29, 2019 Spokane, WA

Is it possible to get loss assessment coverage on a HO-3 policy?

Yes, you can add loss assessment coverage to your HO-3 policy. Not all companies will offer this type of coverage so you will need to contact several companies to get the best quote for this coverage with your HO-3policy.
Oct 4, 2018 Lakewood, CO

How do I find a reputable insurance company to cover my condo?

The Zebra's guide to condo insurance lists some of the top insurance companies that offer HO-6 policies. Feel free to give our agency a call at 888-807-3823 and we'd be happy to assist.
Jul 10, 2019 Aliso Viejo, CA

Is there an HO-6 Special (broader) form policy that covers all-risk perils (such as sewer back-up)?

The HO-6 — also known as condo insurance — is designed to be limited in its coverage. I would look into scheduling your building property on an open peril basis which would give you much broader coverage.
Oct 8, 2019 Greenwich, CT

Ava Lynch photo
Ava LynchSenior Analyst

Ava joined The Zebra as a writer and licensed insurance agent in 2016. She now works as a senior analyst, providing insights and data analysis as one of The Zebra's property and casualty insurance experts.

Ava’s insurance career began as an agent with Farmers Insurance. Over the years, she has become an authority in all things property and casualty insurance, helping her to write informative guides for shoppers.

Ava’s work has been cited in publications such as InvestopediaThe BalanceMoney.comLiberty Mutual, U.S. News & World Report, GasBuddy, Car and Driver and Yahoo! Finance.

About The Zebra

The Zebra is not an insurance company. We publish data-backed, expert-reviewed resources to help consumers make more informed insurance decisions.

  • The Zebra’s insurance content is written and reviewed for accuracy by licensed insurance agents.
  • The Zebra’s insurance content is not subject to review or alteration by insurance companies or partners.
  • The Zebra’s editorial team operates independently of the company’s partnerships and commercialization interests, publishing unbiased information for consumer benefit.
  • The auto insurance rates published on The Zebra’s pages are based on a comprehensive analysis of car insurance pricing data, evaluating more than 83 million insurance rates from across the United States.