While homeownership doesn’t always unlock auto insurance discounts, there are some instances in which having a home does lower your rates. Here’s why some homeowners save on their auto policy.
One reason auto insurance is cheaper for some homeowners is that that they secure an auto policy from the same insurance company that they insure their home with. This allows them to bundle these two policies, which automatically unlocks savings for both policies.
Homeowners can save on their auto insurance if their home is located in a safe part of town and they keep their cars in a secured garage. Auto insurance providers might offer these homeowners lower rates because they consider their cars at lower risk for theft and vandalism.
Some homeowners may also get access to lower auto insurance rates because they have a higher credit score than non-homeowners. Typically, homeowners have better credit scores and more stable finances than individuals that do not own a home. This is particularly true for homeowners who have successfully paid off their mortgage. Because auto insurers factor in your credit score when determining your auto insurance premiums, the better your credit, the lower your car insurance rates will be.
This is how homeownership can help you save on your auto insurance. Are you looking for assistance with your home or auto coverage? If so, then contact the experts at Phocus Insurance in Phoenix, Arizona. We are ready to assist you with all your coverage needs today.
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