Should I compare home and auto insurance companies together?

Insurance companies often offer affordable bundles for home and auto insurance. You can even save up to 35% with multi-policy and home-ownership discounts.

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Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance...

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Reviewed byDaniel Walker
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UPDATED: Apr 22, 2020

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Things to Remember...
  • Compare new coverage with your current coverage to make sure you are making the right choice
  • Remember that the cheapest price might not provide you with you adequate coverage
  • Ask about discounts for bundling coverage; many coverages offer this as incentive to buy

Comparing auto insurance coverage can be a tricky undertaking. What is standard on one policy may not be standard on another.

When you are ready to shop around, have your current home and auto insurance policies available.

Potential new auto insurance coverage should always be compared to existing coverage, so you should have these policies available to refer to while comparing.

This will ensure that you are performing true apples-to-apples comparison shopping. As you compare, keep some general guidelines in mind.

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Comparison Shop Often

Insurance is about mitigating risk. When consumers think about risk, they think about how the insurance company sees them – their individual risk category.

Auto insurance companies check credit rating and take claims and driving history into account, but they also assess their own exposure as a whole.

Market conditions change, insurance carrier loss runs change, disasters happen, etc.

There are many variables that can change the way insurance carriers calculate risk, and each company has their own way of performing those calculations.

  • Check out other insurance carrier rates every year or so. Loyalty to a particular insurance company could be keeping you from getting that high-risk auto insurance premium under control
  • Pay attention to direct mail pieces. Incentives to bring in new business could have a dramatic effect on your premium – even if only for a year
  • Check with your current insurance carrier. If you have had your policy in place for a while, you could be missing important discounts, or be over insured
  • Before you make the switch, see if your current company can match, or better your lowest offer

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You Get What You Pay For

Comparison shopping is a great way to save money but do so carefully. Consumers must be careful when it comes to minor and major purchases.

A smaller price tag does not necessarily signal a bargain if the quality of the product is not there, or if the product is inferior to its peers.

When you are examining quotes, from several insurance quotes, and one is dramatically lower than the others, raise the red flag, take out your magnifying glass, and read the fine print.

Chances are, an important provision in the policy has been left out, or the terms of the coverage are so different that they aren’t comparable.

  • For homeowner’s policies, review exclusions for windstorm coverage, and water damage
  • On auto insurance policies, examine uninsured motorist as well as towing and rental car coverage
  • Be certain to ask about any other exclusions to your policy, and make a note of exclusions for each policy being compared

Ask questions about claims and customer service as well.

Having a low insurance premium is great, but should you have to make a claim on your policy, you want to know that someone will be available to help.

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Examine Coverage Limits

The amount of coverage that you pay for in your policy is directly linked to your insurance premium.

Going through the process of comparing other policies is a good chance to thoroughly review the coverage that you do have in place.

  • First, make certain that the coverage limits you select are agreeable with state minimums. Many states have minimum requirements for auto insurance. If your car is financed or leased, check with the finance company before making any major changes.
  • When looking at homeowner’s insurance, a drop in your coverage amount could trigger force-placed insurance activity. The goal is to achieve the happy medium where your lender and the DMV are happy, and your premium is still low.
  • While you don’t want your coverage to be too low, you also don’t want to over-insure your property to the point that you are paying for something you will not use. Property values have declined in recent year; you may well be paying for coverage that you no longer need.

Talk with prospective insurance carriers about whether they think the amount of coverage currently in place is appropriate.

Changing carriers is often a good time to examine coverage amounts as well as deductibles.

Ask About Bundles

If you are looking for a deal on home or auto insurance, think bundle.

Insurance companies can often offer bundle packages for consumers that choose to combine their auto and homeowners policies together.

As you shop around for a carrier, ask about discounts for bundling.

  • Most, if not all auto insurance carriers will offer multi car discounts
  • Multi-policy discounts are also available with many insurance carriers
Have these guidelines in mind when comparing home and auto insurance companies together to ensure that you get the best rates available to you for your budget and options.
Use our comparison tool to compare rates from several different car insurance companies!

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