Car Insurance for Renters

Buying car insurance and renters insurance together is a great way to save. Let's explore this popular option.

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Finding cheap car insurance for people who rent

If you’ve ever gone through the car insurance quote process, you’ve probably been asked if you have renters or home insurance policy. Insurance companies ask this because they often offer discounted renters-and-car insurance bundles. Let’s dive into some of the best discounts for renters and auto insurance bundling.

 

Getting car insurance with a renters policy — table of contents:
  1. How to get a multi-policy discount for car insurance
  2. Which companies offer the best renters-car insurance discount?
  3. When to bundle renters and auto insurance
  4. Simple tips to save on car insurance
  5. Additional resources

 


 

How to get a multi-policy discount on car insurance

Bundling car insurance and renters insurance with the same company saves an average of 5%. If you're in the quoting process for renters and car insurance, have the below information on hand.

 

Information required for car insurance:

  • Personal information of all drivers, including drivers license, DOB, and driving history, including a timeline of major violations
  • Vehicle information, including VIN
  • Address
  • Insurance history

 

Renters insurance:

  • Personal information of all individuals living at the residence
  • The estimated value of personal property
  • Desired liability limits
  • List of valuable items in the apartment/home requiring additional coverage

 

Renters insurance covers your personal liability, personal property, additional living expenses, and medical payments to others. Most renters insurance policies will carry coverage limitations for high-value personal belongings such as jewelry, fine art, and guns. These items are sometimes valuable enough to exceed renters insurance limits. If you own a particularly valuable piece of art or jewelry, open an additional line of coverage to insure it.

While you should be able to make changes to your policy at any time, you can get the most accurate quote possible upfront if you have this information from the start. Your multi-policy discount will be applied to your renters and car insurance policies as long as you maintain both with the same company. Below is a look at the average cost of a renters and car insurance bundle.

 

Without Multi-Policy DiscountWith Multi-Policy Discount$ Savings
$1,548$1,469$79

 

 


 

Which companies offer the best renters and car insurance discounts?

Just how much can you expect to save via a multi-policy discount? According to our survey of rates from top insurance companies, USAA offers the cheapest car insurance when bundled with renters insurance.

 

Company6-Month Rate with Renters Insurance% Savings
Allstate$9625%
Farmers$7628%
GEICO$5882%
Nationwide$6648%
Liberty Mutual$78410%
Progressive$7646%
State Farm$6057%
USAA$5391%

 

These estimates are based on a general profile. This isn’t a renters-and-car insurance quote — the prices and discounts above apply only to auto insurance.

 

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Should renters and auto insurance be bundled?

Bundling is a convenient way to manage all of your policies with one company. Another perk is the discount you receive — depending on the savings, you may be able to offset the renters insurance cost with the right deal. As illustrated above, some companies offer steeper bundling discounts than others. Here are our tips on when and when not to bundle your policies.

 

You should bundle auto and renters if:
  • You can save money by bundling rather than managing separate policies. Compare the annual savings from different insurance companies and go with the most affordable bundling option that meets your coverage needs.
  • You'd rather manage one invoice for all of your insurance payments.

You should not bundle auto and renters if:

Looking for a competitive renters insurance quote? Feel free to call our in-house insurance agency at 855-493-9138 to get a rate for renters coverage.

 


Call us at 855-493-9138 for renters quotes

 

Simple tips to save on car insurance coverage

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

Make sure you have the correct coverage

It’s important to gauge your coverage needs. If you drive an older, paid-off vehicle worth less than $4,000, you probably don't need comprehensive or collision coverage. These policies — which are not required by law — are designed to cover damage to your vehicle. But if your car isn’t worth much to begin with, you might end up paying for coverage you don't need.

You can determine the value of your vehicle through online resources such as Kelley Blue Book and NADA. If you need liability coverage but want to cut costs, consider raising your collision and comprehensive deductibles. By raising your deductible, you take on a greater amount of financial responsibility in the event of a claim and lower the premium on your personal auto policy.

Use your insurance wisely

While auto insurance is designed to protect your vehicle, you should only file a claim in a couple of scenarios:

  1. If someone is injured. Medical expenses can skyrocket quickly and you’ll most likely be unable to cover the damage yourself.
  2. If 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. If the value of the damage is greater than the premium increase you would receive after filing a claim.

The last one can be a little tricky to determine. Unless you have accident forgiveness built into your policy, every insurance company will raise your rates after an at-fault accident or collision claim. Because insurance companies believe you’re more likely to get into an accident in the future if you’ve had one previously, they will increase your rates to offset anticipated claims payouts.

If you’ve been in an at-fault and are unsure of whether to pay for the damage yourself, consider these steps.

  • 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: the period over which 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, do that.

Double-check your discounts

A major benefit of maintaining renters and auto insurance policies 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 (pre-approved safety training course)
  • Telematics programs
  • Payment by bank account
  • Paid-in-full discount
  • eSignature discounts
  • Paperless billing discount
  • Multi-vehicle discount

Learn more about common car insurance discounts.

Shop around

While a multi-policy discount for your renters and car insurance is great, it’s only one of the ways you can cut car insurance costs. The easiest way to make sure you’re getting the best insurance rate is to assess offerings from as many companies as possible. Because renters insurance tends to be priced consistently across companies, focus saving on your auto insurance policy first and foremost. We've partnered with Lemonade to help deliver affordable renters insurance. Curious about how much you could save with a Lemonade policy? Click the button below to get started on a quote.



Need a Renters Insurance Quote?


 

Additional resources

If you’re looking for more information on renters insurance and car insurance, explore the resources below:

 


 

Data sources and 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 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.

The 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.

Data may vary slightly throughout report due to rounding.

Ava Lynch LinkedIn

Based in Austin, TX, Ava has been in the insurance industry as a licensed agent for 4-plus years. Ava is currently one of The Zebra’s resident property insurance experts and has been featured in publications such as US News Report, GasBuddy, and Yahoo! Finance.