Jessica Sautter is a Content Writer for CarInsuranceCompanies.com with a Bachelor’s Degree from Eastern Michigan University in Elementary Education with a Major in Reading and a Minor in Mathematics.

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Chris Harrigan has an economic degree from Limestone College and an MBA from Clemson University. He previously managed auto insurance claims for Enterprise Rent-A-Car. Currently, he is using his business and insurance expertise to provide insurance data analysis and visualizations to enhance the user experience.

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Reviewed by Chris Harrigan
Former Auto Insurance Claims Manager

UPDATED: Oct 16, 2020

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Key takeaways...

  • When homeowners and auto insurance is bought at the same time, it is called a combined policy
  • Small business owners can take advantage of the same type of multi-line discounts
  • The cost of obtaining auto insurance varies according to the individual and the car being driven

The cost of obtaining auto insurance varies according to the individual and the car being driven.

Discounts are available for those who are married, own a home and are insuring multiple vehicles.

Another advantage that comes with home ownership is the further savings on insurance premiums when homeowners insurance and auto insurance is combined.

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Table of Contents

Combined Policy Shopping

When homeowners and auto insurance is bought at the same time, it is called a mixed policy.

Many of the more significant insurance providers offer this bundle and finding the best deal involves doing some comparison shopping.

A significant amount of money can be saved each month if certain criteria are met:

  • If a married couple is applying
  • The home is owned by both parties
  • There are multiple vehicles

Using the services of an online comparison site, quotes are generated that allow the customer to see offers from several different companies simultaneously.

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A Multi-Line Discount

If an individual or married couple has an existing policy with an insurance provider and wishes to add another type of coverage, a discount is usually available.

Insurance companies actively promote these discounts to their customers and are ready to reward them for their loyalty.

Renewal is also simultaneous, lessening the chances of an accidental lapse in coverage.

This not only saves money but means there is only one payment each month, making it easier to remember when the premium for both types of coverage is due.

Cheaper Rates for Homeowners

The rates for those who own a home are somewhat less, to begin with.

This will be reflected in the quotes obtained during an online comparison of insurance companies.

Shoppers who are homeowners are often able to get a lower rate even if their auto policy is with a new company.

This is because statistics historically show homeowners to be more responsible with their finances, and it also means the insurance company is now free to promote their multi-line discount.

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Simpler Claims Filing

If there is a combined policy, the customer need only have a single contact in case a claim must be filed.

There are several advantages to this:

  • A combined claim in the event both home and car are damaged.
  • Rates for the homeowner’s portion of the policy does not increase if there are an auto claim and vice versa.
  • Insurance companies will have access to both the home and auto damage report.

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Future Adjustments

If a married couple owns a home and has a combined policy, adjustments can be made on the coverages at a later date.

For example, there may be children in the family some years later, additions to the home including a new bedroom or redesigned kitchen, a third car or a new type of vehicle altogether.

As a relationship between insurance company and customer grows over the years, further car insurance discounts can be made available that apply to life insurance for the children.

When Shopping Online

Using an online comparison site allows the most significant flexibility when shopping for any combine home and car insurance policy.

Specific information will be requested at the start and includes:

  • Personal information on the customer
  • Make, model and year of all vehicles to be insured
  • Exact location of the home, its value and amount owing on the home loan

If the house is already protected the customer will already have received a quote from the insurance provider regarding the addition of vehicles to the policy.

Comparison shopping will allow the individual or married couple to see how this offer stacks up against the quotes given by competing insurers.

Other Factors for Premium Accounts

Although a discount is usually in order when a multi-line policy is agreed upon, factors such as the age of the insured, how long the home has been owned, and the driving record must be taken into account.

Those with an existing homeowners policy may not receive a significant discount if the current vehicle policy has lapsed.

The greatest discount often comes when the persons named on the homeowner’s policy are the only individuals who will be driving the vehicles being added.

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Same Discounts for Businesses

Small business owners can take advantage of the same type of multi-line discounts.

Comparison shopping online will reveal some companies that offer substantial savings on premiums when the business property and the vehicles are insured as one package.

This is important in case of property damage where the vehicles are involved as well as saving the business owner even more in the future if the business expands its vehicle fleet.

Using a comparison site to find an affordable multi-line insurance policy that covers both the home and automobiles is the fastest and most efficient way of getting the best quote possible.

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