“`html

How Homeownership Can Impact Your Car Insurance Premiums

Will Owning a Home Reduce My Car Insurance Premiums?

When you apply for car insurance, many factors are considered to determine your rates. While age, gender, driving history, and vehicle type are well-known factors, your status as a homeowner or renter can also influence your premiums. Homeowners often pay less for car insurance because they are perceived as more financially stable.

According to data from The Zebra, homeowners typically save $166 annually on car insurance compared to the national average. Major insurers offer discounts ranging from 9% to 10% for homeowners.

How to Get a Multi-Policy Insurance Discount

Bundling your insurance policies is a great way to save money. When you purchase multiple types of insurance from the same company, you can often receive a discount of 5% to 15% on your premiums. This applies whether you are a homeowner or a renter.

To start bundling your insurance:

• If you already have a policy with a company you like, request a quote for adding a new policy.
• If you are not satisfied with your current insurer, get free quotes from multiple companies to find the best bundle pricing.

Other Strategies for Saving on Auto Insurance

Besides being a homeowner and bundling policies, there are several other ways to reduce your auto insurance costs:

• Shop around: Compare rates annually to ensure you are getting the best deal.
• Increase your deductible: A higher deductible can lower your premiums, but be prepared for higher out-of-pocket costs if you file a claim.
• Drop comprehensive and collision coverage: If your car is older and not worth much, consider dropping these coverages to save money.
• Pay more upfront: Paying your premiums quarterly or annually can sometimes offer significant savings.
• Leverage digital discounts: Some insurers offer discounts for online quotes, autopay, and paperless statements.
• Look for driving-related discounts: Safe driving records, low mileage, and usage-based insurance apps can help lower your rates.

Better Credit Could Also Lower Premiums

In addition to homeownership, your credit score can impact your car insurance premiums. Insurance companies often use credit-based insurance scores to evaluate applications. Improving your credit score can help lower your insurance costs.

At O1ne Mortgage, we understand the importance of financial stability. If you need assistance with your mortgage or have any questions, please call us at 213-732-3074. Our team is here to help you achieve your financial goals.

“`