You might not believe you need insurance if you rent. Your landlord should have coverage for your building. You are responsible for all your belongings if you do not have renters insurance. What if your home was damaged by fire or theft?
Renters insurance is usually very affordable. You might even be able make it cheaper by purchasing a renters and auto insurance bundle.
What does it mean for renters and auto insurance to be combined?
Bundling renters with auto insurance, or generally any two insurance policies, means that you can buy both policies from one insurance provider. Many insurance companies offer discounts when you buy a renters and car insurance bundle. This allows you to cover two aspects of your life. This discount may also be known as a multi-policy discount.
No matter if you bundle renters or auto insurance, each policy protects its respective areas.
Auto insurance
Nearly all states require some form of auto insurance. You will need minimum bodily injury and vehicle damage liability coverage. This covers you if you injure or damage another person’s vehicle.
Car insurance can also cover you against vandalism, theft, and damage if your vehicle is stolen or damaged if you get back into a mailbox. The coverage options you choose will determine how much you pay. It does all this at an average cost of $1674 per year for full-coverage car insurance.
You will need basic information to get your car insurance policy or renters and auto insurance bundle.
- The make and model of your car
- Your vehicle identification number (VIN).
- Your driver’s licence number
- Your annual mileage
- Information about any tickets or accidents in the past few years
- Details about any safety and anti-theft devices on your vehicle
Although the exact information required varies between insurers, any company will be able to tell you what it needs. Because they want you to buy one of their policies, or even a renter and car insurance bundle, they want to make it easy for you.
Renters insurance for your stuff
Your renters insurance policy will cover all personal property, regardless of whether you combine it with car insurance. Your renters insurance policy will cover your personal belongings in the event of a fire or theft, minus your deductible.
You also have liability coverage with renters insurance. This means that if you are held responsible for an injury to someone, the policy can pay for any costs, including court costs. Your coverage may help cover any injuries caused by a neighbor who slips on your doorstep.
Renters insurance is likely not worth the expense. Renters insurance is very affordable at $42 per month, in the average.
Renters insurance is usually required to:
- Personal identifying information, such as your date of birth
- Your address
- An estimate of your personal property’s value
- Your rental number
- Information about safety, anti-theft and fire protection features included in your rental
- Information about any recent renters insurance claims that you have filed
Although the details of a policy will depend on which insurer you choose to use, it shouldn’t be difficult to set up coverage.
Can I save money by bundling renters and auto insurance?
Are you convinced that renters or auto insurance can provide valuable protections? There are two choices. There are two options. You can choose to get two policies from different insurance companies. However, this will require you to manage more paperwork and pay more money. Bundling your policies with the same company will get you lower renters and car insurance rates.
We found that the average annual cost of separate auto and renter insurance policies is $2,266. If you purchase a car and renters bundle, your average annual cost will be $1,894.
Insurance bundles for renters and autos at affordable prices offered by companies
Quadrant Information Services pulled 2021 bundle prices from the top car insurance companies, and the best renters insurer companies to give you an idea about your options. Although every insurance company offers different rates depending on risk factors such as where you live or how much you insure, the general trend is to buy a bundle rather than two separate policies.
Insurance bundles are also offered by other companies
Many insurance companies are willing to offer you a renters and car insurance bundle. Other companies that offer auto-renters insurance bundles are:
- Progressive
- Allstate
- All over the country
- Liberty Mutual
- Geico
- American Family
- Travelers
Some companies offer renters policies through separate companies but offer a bundle discount to those who set up renters policies through an affiliate company.
Bundling renters and auto insurance policies
You have many options if you are looking for cheap renters and car insurance.
You can get renters insurance quotes from the company that insures your vehicle if you have only one policy. If possible, ensure that your multi-policy discount is included in your policy.
You can get quotes for both if you don’t have the coverage. You can either get multi-policy discounts online from companies, or call an agent to speak with them. A representative can help you determine how much savings you could make by bundling all your policies together.
What about other policies that I can combine?
Yes. Many insurance companies allow you to bundle and offer multi-policy discounts for multiple policies. This goes beyond auto and renters insurance. Bundling is possible:
- Home insurance
- Boat insurance
- Insurance
- Insurance for motorcycles
- Life insurance
Bundling: The pros and cons
While renting car insurance and renters insurance may offer some benefits, there are some downsides.
Pros
- There are many ways to save money. Bundling renters and car insurance can help you save anywhere from a few dollars to several hundred dollars per year. You will save a lot of money depending on which insurance company you choose and what multi-policy discount they offer. It is best to shop around.
- There should be less paperwork. You should have fewer paperwork if all your insurance policies are handled by one company. There is only one website to use, one main claim number to call, and so forth. Bundling your insurance policies can make it easier to manage them.
- Your premiums may be easier to pay. You may be able set up only one payment method if you have the same insurance policy. You can then use the same payment method to pay premiums for both policies.
Cons
- It is possible that you may not be able to shop all your options. You may not be able to get renters insurance if you have car insurance. This could result in you missing out on a lower rate from another company.
- It is possible to feel trapped. You might feel trapped if you are unhappy with the services your insurance company provides. It may seem like a hassle for you to transfer all your insurance policies to a different company. This could mean that you stay with your current insurance company, when another company might offer better customer service.
Bundling your renters and auto insurance together can help you save money, and make it easier to manage your policies. You shouldn’t settle for low rates or poor service. Make sure to shop all your options.