Best car insurance for condo owners

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If you own a condo, you may know a bit about the specialized insurance offered for these dwellings. But did you know that you can often save money by purchasing your condo and car insurance from the same company? Bundling insurance policies is one of many ways that customers can capitalize on savings by lowering premiums.

The financial security offered by insurance can be a great relief, but the rates can be steep. Instead of limiting your coverage, it may help to seek out methods to lower your rates without reducing your protection. Policy bundling, a discount offered by some providers, is one of the many recommended ways to go about this.

Why choose an insurance bundle?

Insurance bundling is one of the more convenient ways to save on insurance. By purchasing your car and condo insurance from the same provider, you can often receive a discount on both policies. On top of that, condo owners may receive discounts that renters would not. From the provider’s perspective, the added stability of a customer owning their home can make them less financially risky to insure.

Best car insurance for condo owners

After considering some of the largest companies, by market share, that offer car and condo insurance, five were selected. These five were chosen based on their J.D. Power score for property claim satisfaction, their bundling discounts and the number of further discounts available.

Nationwide

Nationwide received an 892 on the 2021 J.D. Power report, putting them in the top five for customer satisfaction regarding property claims. The company offers bundled discounts and includes both condo and auto insurance in its product repertoire. Beyond bundling, Nationwide offers numerous discounts, with a focus on auto savings.

Learn more: Nationwide Insurance review

Amica

Amica scored 894 on the J.D. Power report, placing them in the top four for customer satisfaction on property claims. Amica offers bundling discounts, as well as many other types of discounts. Amica has a reputation for high customer satisfaction and low average rates, making them a strong candidate for condo owners who are looking for auto insurance.

Learn more: Amica Insurance review

USAA

USAA scored a 905 on the J.D. Power report, but is ineligible for ranking due to its eligibility restrictions. USAA is restricted to military members and their family members, making it a less accessible insurance provider for many Americans. However, if you are eligible, this provider has some of the best ratings for customer satisfaction, offers a robust array of insurance policies and includes bundling discounts.

Learn more: USAA Insurance review

Farmers

Farmers scored an 884 on the J.D. Power report, placing them in the top eight providers considered. Farmers has maintained a good reputation in the auto insurance industry and offers a wide array of auto coverage types. They offer both auto and condo insurance, and policy bundling is one of many discounts that they list.

Learn more: Farmers Insurance review

Allstate

Allstate received an 882 on the 2021 J.D. Power report, placing them in the top ten. It is one of the largest auto insurance companies and has a presence across most of the United States. The company also offers an array of discounts, including bundling and numerous discounts focused on auto insurance. Allstate places a focus on having live agents for customers to interact with, which can be a boon for some customers.

Learn more: Allstate Insurance review

Pros and cons of bundling

Pros

Bundling insurance policies can save money on rates for both policies when the provider offers bundling deals. Doing this can also simplify paperwork and billing by combining multiple products, and their bills, into one.

Cons

Bundling insurance can restrict your choices somewhat because you need to take both policies out from the same provider. The other downside is that it takes at least two policies to bundle; there’s no way to get this discount, for example, if you are only interested in condo insurance.

How to get an auto and condo insurance bundle

Once you find a company that offers both types of insurance, as well as policy bundling discounts, all you have to do is apply. When applying, make sure to tell the agent that you are interested in taking out both a condo policy and an auto policy. While having this conversation, inform the agent that you would like to bundle these policies for the discount.

When considering companies and policies, there are more than just bundling discounts to look for. Suppose you have more than one vehicle to insure, for instance. In that case, many companies offer further discounts for having multiple cars insured with them. Paperless billing is another discount, and it may be one of the cheapest for customers to employ.

Frequently asked questions

Who has the best car insurance?

Finding the best car insurance is a little different for everyone. Policy rates are individualistic because they are based on numerous points of personal information; things like age, driving record, insurance score and more. Comparing multiple companies is one of the most recommended ways of finding the best company for you. Consider starting with the best car insurance companies for 2021.

How much car insurance do I need?

How much car insurance you need, will depend, in part, on your state’s laws. Each state has its own laws around car insurance. All but three states do require specific minimum amounts of coverage, often called basic liability coverage. Beyond the state requirements, how much car insurance you need depends heavily on you, your vehicle and your situation.

How much condo insurance do I need?

While you may not be required to hold condo insurance, it can be a wise move to protect your property from financial risk. Experts generally recommend a policy that has enough coverage to cover the value of your condo and the possessions you keep within it.

Who has the best condo insurance?

Finding the best condo insurance for you will depend on your condo, your location and other personal details. Every policy is individualized to the customer, to varying extents. The safest approach is to obtain quotes from multiple providers and see who offers the coverage you want for the best price.

Written by
Joshua Cox-Steib
Joshua Cox-Steib has two years of experience in writing for insurance domains such as Bankrate.com, Coverage.com, Thesimpledollar.com, Reviews.com, and more. His work has also been featured on such sites as Msn.com and BBB.org. His insurance writing career has spanned across multiple product lines, with a primary focus on auto insurance, life insurance, and home insurance.
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