Can You Save Money on Car Insurance as a Homeowner?
You may have heard some people say that their car insurance is cheaper now that they’re a homeowner. This can be true for some policyholders but not others. One of the best ways to save money on insurance is to bundle policies together. Homeowners most often need home insurance coverage. The same companies that sell car insurance often sell home insurance. If you take out two or more policies with the same insurer, they will most likely reward you in lowering your insurance premiums.
There are also other reasons why car insurance tends to be cheaper if you’re a homeowner. Car insurance companies check your credit score before giving you a policy. Someone who owns a home can often have a stronger credit score because they have perfected it before applying for a home loan. Since insurers will take the credit score into account during the car insurance application process, the homeowner may be entitled to more savings on than a renter.
Keep in mind that buying a home doesn’t automatically reduce the price of car insurance. Some homeowners get no discount, and it can entirely depend on your unique situation. Buying a home in a rough neighborhood can cause car insurance rates to skyrocket.
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