owning a home doesn’t affect your policy
debunking a car insurance myth
If you're a proud new homeowner, you've probably got a miles-long to-do list to tackle. And while "take another look at car insurance" may not rank particularly high on that list, right now's a good time to do just that.
Believe it or not, buying a home does affect your car insurance policy. The good news is that for most people, buying a home ranks among those major life changes that could mean saving on car insurance.
Of course, buying a new home could also mean you need more car insurance coverage since you have new assets to protect. But let's look at the savings opportunity first.
Many car insurance companies, including Esurance, offer car insurance discounts to homeowners, enabling you to actually save because of your big purchase. Be sure to inform your car insurance company of your new status as a homeowner to nab your discount. (Discounts may vary.)
If you're a current Esurance customer and have questions about your discounts, call us at 1-800-ESURANCE (1-800-378-7262).
Is it time for more car insurance?
Now that you're a homeowner, it's time to contemplate protecting your investment with more-extensive coverage.
Why? Because now that you own a home (or a bigger or more valuable one), you have considerably more assets. And if you're involved in an incident that exceeds your liability limits, injured parties can take you to court to seek payment, which could put your belongings and even your home at risk. If you're concerned about this possibility, consider raising your limits as high as you can comfortably afford. Consumer Reports suggests buying bodily injury limits of at least $100,000 per person and $300,000 per incident, and bumping those to $250,000 per person and $500,000 per accident if you have greater assets. As for property damage, consider a limit of $100,000.
On the other hand, if you've moved from a home into more modest lodgings, you may be able to lower your limits a bit, which will help you save on car insurance.
Buying a home can affect your car insurance
Buying a home doesn't directly affect your car insurance policy — but it can help you net a great discount. And like most turning points in life, it affords you a great opportunity to review and possibly revise your car insurance policy to get all the discounts you deserve and coverages you need.
If you've just made life's biggest investment and want some guidance in reviewing your car insurance policy, don't hesitate to give us a call anytime at 1-800-ESURANCE (1-800-378-7262). Or simply get a quote.
We're known for providing flexible, affordable car insurance, but did you know we can also help you insure your home?
Home insurance FAQs
If you're a new homeowner, you no doubt have questions about homeowners insurance. Our straight-shooting FAQs will clear up all your lingering questions.