Updated August 15, 2022
The price tag of insurance often feels overwhelming, especially when purchasing multiple insurance products at the same time. Many insurance providers offer helpful multi-policy bundling discounts for policyholders purchasing auto insurance with renters or home insurance. The types of insurance policies and bundling options vary, but the benefits of bundling are clear.
Doubling up on renters and car insurance for a multi-policy discount makes choosing the right insurance provider even more important. Comparing auto insurance quotes with a quote-comparison site allows users to consider multiple car insurance companies at the same time, looking at insurance rates, discounts, and coverage limits.
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Most car insurers offer opportunities to save by bundling auto and renters insurance.
Renters insurance companies typically offer personal property and liability coverage.
Comparing auto and renters insurance quotes is the best way to save.
What is renters insurance?
Renters insurance provides coverage to policyholders renting an apartment, home, or condominium. Renters pay monthly insurance premiums for their renters insurance policies, similar to monthly auto insurance payments. Renters insurance coverage typically includes elements of liability, personal property damage, and additional living expenses for renters.
What does renters insurance cover?
Can I get a discount for bundling my car and renters insurance?
Yes, many companies offer bundling discounts when policyholders combine renters and auto insurance policies with the same company.
Unlike homeowners insurance, which provides property coverage for both personal property and a home’s structure, renters insurance only provides coverage for personal property damage—from vandalism, water damage, natural disasters, fires, and more. The responsibility for covering any damage to a home or building’s physical structure falls to the landlord.
Renters insurance coverage options depend on the particular insurance company, and most of them offer their own specific add-ons and specializations. Typical coverage options include liability, personal property, and additional living expenses. For those considering renters insurance, a quote-comparison site can help identify the best plan for them.
Liability insurance covers claims and lawsuits due to bodily injury and property damage caused by the policyholder, as well as medical expenses for guests injured at their home. The personal property policy covers costs related to damaged or stolen personal items. There is also coverage for hotel costs and other additional living expenses if your rented residence is uninhabitable.
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Who offers bundles for car and renters insurance?
Most top insurance providers and many smaller insurers offer auto insurance policies, but not all insurance providers offer renters insurance. Insurance companies that provide home policies and options to bundle home and auto insurance do typically also provide renters insurance and bundling for their policyholders. Read on to learn more about offerings from various providers.
Purchasing auto and renters insurance from GEICO typically makes customers eligible for a multi-policy discount that lowers the premiums of both policies. Further discounts associated with security and safety features—including fire extinguishers and burglar alarms—within a rented home, apartment, or condo open up options for customers to earn additional savings.
A significant discount is available to customers who take advantage of bundling auto and renters insurance with Allstate. More discounts are available for renters insurance policyholders, depending on the number of years they have remained claim-free. Adding renters insurance to an existing car insurance plan may cost as little as an extra $4 a month.
State Farm offers fairly affordable renters insurance premiums for their customers, especially for those who choose to bundle their auto and renters policies. A home alert protection discount associated with installing a home or apartment security system is also available for renters, and customers can lower monthly premiums by choosing a higher deductible.
Bundling auto and renters insurance with Progressive allows customers to save on their premiums. On average, customers save around 4 percent on their auto policy when bundling with a renters policy.
Renters coverage with Nationwide costs customers more per month than with other companies—about $20 on average—but offers more extensive coverage. Discounts are available for bundling renters and car insurance coverage, owning security devices, and more.
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Saving the Most on Your Car and Renters Insurance Bundle
Steps to increase savings on your car and renters insurance bundle exist. Completing an inventory—accounting for your valuables and other personal items in need of coverage—helps you gauge how much property coverage to purchase on your renters insurance policy.
Another way to decrease monthly premiums is to increase your deductible to a higher but still manageable amount. It’s important to set your deductible to an amount you won’t struggle to pay in the event of filing a claim. Having a higher deductible also requires policyholders to be very intentional when filing claims.
Due to the changing nature of insurance rates, considering new policies and providers at the time of policy renewal increases your chances of scoring the cheapest rates. Quote-comparison tools help users decide on the best auto and renters bundling policy to meet their insurance needs at an affordable rate.
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Other Car and Renters Insurance Discounts
Insurance providers offer a myriad of discounts to eligible policyholders for separate policies and for any bundled renters and car insurance policies. These discounts typically reward policyholders for owning safety features or security systems, making annual or in-full policy payments, and holding membership with certain organizations or specific professions.
For car insurance, safety features and security systems that can qualify for discounts include airbags, blind-spot detection, antilock brakes, and anti-theft systems. For renters insurance, options to earn policyholders additional insurance discounts include protective features like home security systems, fire extinguishers, and smoke detectors.
Memberships to organizations like the AARP, the military, or AAA increase insurance customers’ chances of getting discounts. Additional discounts typically exist for students and people with clean driving records. Decisions related to purchasing a policy, including making annual payments and signing up for electronic billing, often result in some insurance discounts.
How do you get a quote for both car and renters insurance?
Insurance agents can give you bundled quotes. This may be the best method for finding the best car and renters insurance rates available. Telling them that you want to bundle policies from the start ensures multi-policy discounts for those eligible. Many companies also provide online quotes for customers to determine bundling discounts.
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Car and Renters Bundling: Pros and Cons
Purchasing bundled car and renters insurance policies typically results in lower monthly premiums for customers, allowing them to pay less than they would for separate policies. And, with bundling, customers pay just one monthly premium. In terms of convenience, getting auto and renters insurance in the same place makes communication with the provider easier.
Depending on a person’s eligibility for various discounts or specialized coverage, bundling with one provider may decrease potential discount earnings available to them elsewhere. Ultimately, whether bundling makes the most sense for you depends on your insurance needs and your eligibility for various discounts and specialized coverage.
The Best Way to Save on Car Insurance Costs
As discussed on this page, bundling auto and renters insurance typically saves people money on their monthly premiums for both policies. Choosing the insurance company that best matches a person’s insurance needs depends on the types of coverage they are looking for in their car and renters insurance, as well as the rates they are willing to pay.
A quote-comparison tool, coupled with up-to-date insurance provider information, allows users to find the best quotes to meet their specific insurance needs. Comparing car insurance quotes from the convenience of home removes the hassle associated with trying to find affordable car insurance rates. Try it for yourself today—happy comparing!
Frequently Asked Questions
This timing predicament does not need to derail your desire to bundle your renters and auto insurance. After deciding on which company to bundle your insurance with, purchase the policy that renews first with the chosen company. When the next policy is ready for renewal—whether auto or renters insurance—let the chosen provider know you want to bundle the two policies.
As always with insurance, no one-size-fits-all insurance company exists for bundling car and renters insurance. Insurance providers use different factors to calculate insurance rates and determine eligibility for discounts, meaning certain providers work best for some people and not others. Using Insurify’s quote-comparison tool helps users find the company best for them.
Finding the best insurance provider for purchasing auto, renters, and life insurance all in one place depends on the person, as well as the providers. Policyholders will earn more discounts as they bundle more policies. Inquiring about specific benefits and multi-policy discounts from various insurance agents is a good idea in this case.
With Insurify’s quote-comparison tool, users can compare quotes from multiple insurance providers with ease from the convenience of home. Having up-to-date quotes ensures drivers will be able to find the most affordable car insurance rates to meet their coverage needs and financial situation. Try it today for comprehensive results in a matter of minutes.
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Data scientists at Insurify analyzed over 40 million auto insurance rates across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page. The car insurance data includes coverage analysis and details on drivers' vehicles, driving records, and demographic information. With these insights, Insurify is able to offer drivers insight into how their car insurance premiums are priced by companies.