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. Unlike home insurance, condo insurance typically only covers the ‘walls-in’, meaning the interior of your property rather than the entire structure. However, you can usually get coverage for improvements and betterments you make to the property. You may also want to consider loss assessment coverage, which will pay if your condo association assesses fees to the unit owners for damages to common areas or any other reason.

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Best car insurance for condo owners

Written by

Lizzie Nealon

Edited by

Maggie Kempken

Updated Feb 02, 2023

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Although condo insurance is different from homeowners insurance, condo owners still get similar benefits from insurance companies. When you buy your condo and auto insurance from the same carrier, not only does it make it easier for policy and claims management, you can often qualify for a bundling discount.

Knowing how to bundle your condo and auto insurance, and understanding the pros and cons of bundling and which companies may offer the best bundling options can help you when choosing a carrier for both policies.

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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 878 points on the 2022 J.D. Power property claims satisfaction survey, putting the company in fifth place for customer satisfaction regarding property claims. Condo owners can customize their coverage through Nationwide with optional add-ons like water backup, ID theft, scheduled personal property, replacement cost on personal belongings and earthquake insurance. 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 ranked number one with a score of 886, tying with The Hartford on the J.D. Power report for customer satisfaction on property claims. Amica offers bundling discounts, as well as many other types of potential discounts. This carrier is unique in that it offers dividend policies for qualifying policyholders, returning up to 20 percent of the annual premium at the end of each year. 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 the highest with 893 points on the J.D. Power property claims satisfaction survey, but is ineligible for official 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. If you have high-value items, such as jewelry, smartwatches, guns, cameras, silverware, fine arts or musical instruments, USAA offers a separate policy that covers each item for what it’s worth, without a policy deductible.

Learn more: USAA Insurance review

Farmers

Farmers scored an 884 on the J.D. Power property claims satisfaction survey, ranking it in third place for property claims satisfaction. 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 potential discounts that it lists. With Farmers, you might qualify to get a multi-line discount for bundling your condo insurance with umbrella and life insurance, if you do not have the need for car insurance.

Learn more: Farmers Insurance review

Allstate

Allstate received an 870 on the 2022 J.D. Power property claims satisfaction survey, placing it in the top ten, but one point below the industry average. It is one of the largest auto insurance companies by market share and has a presence across most of the United States. Allstate has a long list of optional coverage types available for condo owners, including extended theft protection, home sharing coverage, water backup, green improvement reimbursement and electronic data recovery. 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 is typically one of the more lucrative insurance discounts available, offering up to 25 percent in savings with some carriers
By insuring both policies with the same carrier, you can streamline policy management

CONS

When people bundle policies, they may not compare rates as often as those with individual policies, which could cost them money in the long run
You must insure at least two policies with the same carrier to get a multi-policy discount

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, or may only offer the discount on one policy and not the other, so doing your research may help you save. An independent insurance agent may be able to help you narrow down which companies fit the bill.

Frequently asked questions

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 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.
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. Unlike home insurance, condo insurance typically only covers the ‘walls-in’, meaning the interior of your property rather than the entire structure. However, you can usually get coverage for improvements and betterments you make to the property. You may also want to consider loss assessment coverage, which will pay if your condo association assesses fees to the unit owners for damages to common areas or any other reason.

Written by

Lizzie Nealon

Insurance Contributor