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Best car insurance for condo owners

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If you own a condo, you may know a bit about the specialized property 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 may 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 most providers, is one of the many 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 scores 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 the company 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 it 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 scores 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. The company also offers both auto and condo insurance, and policy bundling is one of many discounts that it lists.

Learn more: Farmers Insurance review

Allstate

Allstate received an 882 on the 2021 J.D. Power report, placing it in the top ten. It is one of the largest auto insurance companies by market share 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 discounts are often among the most significant savings that insurance companies offer, usually saving policyholders between 10%-25% on their premiums.
  • Bundling policies can centralize policy documents with one insurer.

Cons

  • Bundling savings may not save you money in the long run. By accepting a bundling discount, you may hesitate to shop around for lower prices at other insurance companies.
  • It takes at least two policies to bundle. You can’t get a multi-policy discount, for instance, if you are only interested in purchasing condo insurance.

How to get an auto and condo insurance bundle

The first step is finding companies that offer both condo and auto insurance. Then, getting quotes for both policies can help you understand overall insurance costs with each insurer. Many companies offer between 10% and 25% bundling discounts. Some companies offer larger bundling discounts than others, so doing your research may help you save. An insurance broker may be able to help you narrow down which companies fit the bill.

Frequently asked questions

Who has the best car insurance?

The best car insurance company depends on your individual circumstances and preferences. If you care most about customer service, you may want to check out the companies with the highest J.D. Power scores. If you care most about keeping costs low, you may want to explore the cheapest car insurance companies on the market. If you’re unsure where to start, you may want to check out Bankrate’s picks for the best car insurance companies for 2022.

How much car insurance do I need?

How much car insurance you need will depend, in part, on your state’s laws and your lender’s requirements if your vehicle is financed or leased. Each state has its own laws around minimum car insurance. Beyond the state and lender requirements, how much car insurance you need depends heavily on you, your vehicle and your situation.

What is condo insurance?

Condo insurance is a type of property coverage that specifically pays out to cover losses at your condominium. Typically, condo insurance helps cover losses due to theft, fire and water damage, vandalism and more.

Written by
Lizzie Nealon
Insurance Writer
Lizzie Nealon is a former insurance writer for Bankrate. Her favorite part of the job is making home, auto and life insurance digestible for readers so they can prepare for the future.
Edited by
Managing Editor