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How To Combine Coverage On Homeowners And Auto Insurance
If you're reading this article, chances are you have both auto insurance and homeowners insurance, or are planning to have both soon.
And, you're probably interested in the insurance discounts associated with having combined coverage.
Having Homeowners and Car Insurance Under One Roof
You can't have a combination homeowners/auto insurance policy, but you can carry both types of policies with the same provider. Research shows that doing so can save you up to about 15% on each policy.
So, let's do some math.
If your auto insurance costs $800 annually and your homeowners coverage costs $1,000, that's $1,800 total in premiums paid. So, you could potentially pocket $270 per year just by having both coverages with the same insurer.
That won't make you rich, but it's $270 you can put to other uses.
However, as tempting as it can be to save money, it's a mistake to sacrifice your coverage with either your auto insurance or homeowners coverage. Doing so could backfire when it comes time to make a claim and discover your coverage won't protect you.
And, even though it's possible to get a decent discount by having both policies with the same provider, don't assume it's the best way to go for your situation. Comparison shop among insurers―it's easiest to do so online―to see if you'd be better off (in terms of rates) with carrying both coverages with one insurer or to having them with separate carriers.
Cancel Your Auto Insurance Policy
If you decide to hand over your auto insurance business to the provider that holds your homeowners policy, be careful how you proceed.
Before you notify your current car insurance carrier about the move, make sure the other insurer has approved your policy, received your first premium payment, and knows when you want to begin your policy. Coordinate the coverages so that you're not without auto insurance for a minute; doing so eliminates possible headaches for yourself.
Once your new policy is in place, contact your present auto insurer to inform them about the move and when to end your policy. It's best to wait until near the end of the premium period to cancel your policy.
In This Section
Other Topics in This Section
- What To Do If Your Auto Insurance Policy Lapses
Tips On Handling An Auto Insurance Lapse And What To Do If You Face Car Insurance Cancellation. Immediately Reinstate Insurance To Avoid Further Penalties.
- Who Needs High Auto Insurance Deductibles
How High Auto Insurance Deductibles Suit Certain Drivers. Get Info On Circumstances That Call For Higher Car Insurance Deductibles. Save Money With An Auto Insurance Policy That Suits Your Needs.
- Who Needs Low Auto Insurance Deductibles
How Low Auto Insurance Deductibles Suit Certain Drivers. Learn More On When Lower Car Insurance Deductibles Are A Good Idea. Find An Auto Insurance Policy That Suits Your Needs.
- Benefits Of Increasing Car Insurance Deductibles
Learn More On Higher Deductible Auto Insurance. Look Online For The Benefits Of Increasing Car Insurance Deductibles. Find Out Why It Can Save You Money On Insurance Rates.
- Reasons To Change Auto Insurance Companies
Top Reasons To Change Auto Insurance Companies. Switch Car Insurance Providers When An Insurance Policy Doesn't Meet Your Needs Or Budget. Insist On Quality Customer Service And Products.
- How To Review Your Current Auto Insurance Policy
Tips On How To Review Your Auto Insurance Policy. Car Insurance Can Be Tricky. Be Sure You Understand Your Auto Insurance Policy Coverage Before Making Car Insurance Claims.
- Penalties For Making A Late Auto Insurance Payment
Info On Penalties For Paying Your Auto Insurance Premium Late. Maintain Car Insurance At All Times. Stay On Top Of Insurance Policy Payments To Avoid Late Fees And Nonrenewal.
- When To Assume Higher Risk With Auto Insurance
Know When To Assume Higher Risk When Buying An Auto Insurance Policy. Not All Vehicles And Drivers Require Full Car Insurance Coverage. Learn More On Auto Insurance Policies Online.
- What To Do If An Auto Insurance Company Denies Coverage
How To Handle Being Denied Auto Insurance Coverage. Learn What To Do If Car Insurance Companies Won't Cover You. You Might Have To Pay A High Insurance Premium.
- When To Compare Auto Insurance Quotes
Learn When It's A Good Time To Compare Auto Insurance Quotes. Easily Shop Online For Car Insurance 24/7. Compare Quotes Often To Find Competitive Insurance Rates.
- How To Get Car Insurance Coverage With A Suspended License
Steps On Getting Car Insurance Coverage With A Suspended Drivers License. Options For A Suspended License Could Include SR 22. Find More On Auto Insurance Online.
- How To Add A Car To Your Auto Insurance Policy
Info On Adding Another Car To Your Auto Insurance Policy. Combining Car Insurance Coverage Can Save You Money. Learn How To Lower Your Insurance Premium By Bundling Insurance Policies.
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