If you buy yourself a home, insurance for it can be very expensive. Many insurance companies that offer auto insurance also offer home insurance. If you have auto insurance, you could check to see if the company you are with sells insurance to homes. If it so happens that they do, you might be wondering if you can get a discount for insuring both. The answer to this question really depends on your situation.

Car insurance discounts

discounts

For most people, they looked up this question to see if they can get a discount on their insurance. Generally, the more you pay an insurance company, the more they want to keep your business. For this reason, you might be able to negotiate some kind of a discount for getting your car insurance through them. Putting more than one type of insurance through the same insurance company is one way that you can get the upper hand over your insurance company. This can be done by insuring more than one vehicle to the same company and it can also be done by getting insurance for more than one product such as home insurance and automobile insurance.

Cheap car insurance:

If you decide you want to bundle your insurance, there are some things to keep in mind. Getting a new insurance package allows you to be able to revisit your old insurance policy. It is a good idea to check to see that the coverage you have suits your current lifestyle. It is important to keep in mind that when you got your car insurance originally, your car was newer and therefore you wanted more coverage for it. Unfortunately, your car might not be worth as much as it used to be. You may want to consider dropping some coverage on your vehicle in some cases, thus offering you the opportunity for an even larger discount.

Car insurance homeowner discount

Many companies actually offer an incentive to people right out of the gate to get auto insurance and home insurance through them. Generally, before even entering a policy with one of these companies, you’ll be able to see the discount that they give. However, if you’re shopping around, you will definitely want to get a quote before deciding that it is the best deal. Just because a company offers a 30% discount when you bundle your car and home insurance, does not mean that is the cheapest and best insurance available. If a company has a much higher original price than another company, the discount might not matter and it still might be more expensive than going with a different company.

Does car insurance go down when you buy a house?

buy a house

Your car insurance will not automatically go down when you go to buy a house. Many people get insurance for these things through different companies, which means that they have no impact on each other. You are not going to be able to get a discount without getting both of these insured through the same company. Unfortunately, it isn’t always easy to change your insurance company depending on your circumstances. If you have a poor driving record or house insurance for something like a fireplace or an oil furnace, not all insurance companies will want to sell you insurance.

Is it worth the discount to bundle my insurance?

One of the things that you will have to decide upon is whether or not it is actually worth your time to bundle your insurance. Sometimes it can take a long time to be able to find an insurance company that offers you a larger discount than what you already pay. However, once you do, you can actually use that discount to buy yourself better insurance coverage if you want to. As tempting as it may be to pocket this money, if something were to ever happen, you would definitely benefit from doing this instead.

How do I negotiate a new price?

negotiate

To negotiate a new price, you need to inform your insurance company about what you are looking for. It is important to go over the types of coverage that you want on your home carefully. Don’t rush into it just looking to get a discount. You want to make sure that both your home and your automobile are adequately covered. Once you do that, you can talk to the representative and see about getting a discount. Since you are bundling with them, they will likely give you a percentage off. Remember, when they shoot a number back at you, you can give one back to them. They likely don’t want to lose you as a client and a few dollars probably doesn’t make or break the deal. However, a few dollars certainly adds up in your bank account over time.

Should I increase my liability coverage after buying a home?

Once you buy yourself a home, it is important to realize that you now have a larger asset. A car is a relatively minor asset when compared with a home, for the most part. This essentially means that you now have more to lose as a result of owning a house. For this reason, you might want to consider increasing the amount of liability coverage that you have. You definitely don’t want to be sued and end up losing your home. It may not be worth it for everyone to increase their liability coverage, however, it is something to think about.

How do I get a larger insurance discount?

If you want the largest insurance discount, you might want to bundle things. Putting all of your automobiles under the same insurance policy can make a huge difference to your premium. Generally, the more business you give an insurance company, the better. The more business they have, the lower their margins have to be in order to turn a profit. You can even receive a discount if you get insurance for things like a trailer, a snowmobile, watercraft etc. It also never hurts to see what other discounts the company offers its clients. Sometimes companies have things like loyalty discounts, discounts for students etc. There are all sorts of things out there to help you save some more money.

To Conclude

Buying a house will not instantly make your insurance go down. It will, however, give you the opportunity to negotiate with your insurance company. If an insurance company wants to keep your business, they will likely offer some kind of a discount. Remember, they are in the business to make money, not to lose their clients over a few dollars. Bundling insurance is a great opportunity for you to save some money.

Resources:

http://budgeting.thenest.com/things-dont-affect-car-insurance-26630.html
https://pocketsense.com/owning-home-affect-car-insurance-13064.html