- Cheapest home and auto bundles in Hawaii
- The company offering the cheapest home and auto bundle in Hawaii
- Biggest home and auto bundle discounts in Hawaii
- How do home and auto bundles affect car insurance rates in Hawaii?
- How does bundling home and car insurance work?
- The pros and cons of home and auto insurance bundles
- Should you bundle home and auto insurance in Hawaii?
- Methodology
- Auto insurance FAQs
Cheapest home and auto bundles in Hawaii
The total cost of a home and auto bundle depends on the base prices for the underlying home and auto insurance coverages. The discount is applied to each policy. The table below shows the average rates for home and auto insurance, as well as the total premium with and without the bundle discount.
In Hawaii, the least expensive car and home bundles are offered by State Farm, followed next by Island Insurance.
| Company | Home premium | Auto premium | Bundle premium | Without bundle premium |
|---|---|---|---|---|
| State Farm | $531 | $1,134 | $1,366 | $1,665 |
| Island Insurance | $611 | $1,735 | $2,165 | $2,346 |
| Allstate | $516 | $2,052 | $2,287 | $2,568 |
The company offering the cheapest home and auto bundle in Hawaii
State Farm
Our take: State Farm topped the list of auto insurance companies in a recent ranking, with customers giving it extremely high satisfaction scores. The company is also the top pick for home insurance, with customers giving it high marks for customer satisfaction, ease of service and its various policy offerings. State Farm is the biggest property and casualty insurance company in the nation.
Biggest home and auto bundle discounts in Hawaii
With an average of 18%, the largest discount for bundling home and auto insurance can be found at State Farm. On the other hand, at only 8%, the smallest multi-policy discount of the companies analyzed belongs to Island Insurance.
| Company | Home and auto bundle discount |
|---|---|
| State Farm | 18% |
| Allstate | 11% |
| Island Insurance | 8% |
How do home and auto bundles affect car insurance rates in Hawaii?
The table below displays Hawaii auto insurance rates both before and after a bundling discount is applied. The cheapest price after the multi-policy discount belongs to State Farm at $961. The most significant discount on auto is offered by State Farm at 15%.
| Company | Auto premium before bundling | Auto premium after bundling | $ difference after bundling | % difference after bundling |
|---|---|---|---|---|
| State Farm | $1,134 | $961 | $173 | 15% |
| Island Insurance | $1,735 | $1,615 | $120 | 7% |
| Allstate | $2,052 | $1,865 | $187 | 9% |
How does bundling home and car insurance work?
The concept of bundling is pretty straightforward. You buy more than one type of insurance from the same company and, in exchange for the increased business, the insurance company gives you a discount. And there’s an additional benefit for the insurer for offering bundles: Customers who bundle are more likely to renew their policies.
You typically get discounts on both car insurance and home insurance when you bundle coverage. The discount isn’t equal for both policies. Each insurer has its own discount formulas. Companies may offer a more substantial discount on one than the other.
The pros and cons of home and auto insurance bundles
The biggest benefit of bundling your home and car insurance is a cheaper premium.
But keep in mind that you don't always save money by bundling. You could find a company with a low enough price on one of the two policies to result in lower overall rates than a bundle elsewhere. Here’s how that works:
- If you pay $1,000 for car insurance from one insurance company currently and $1,200 for home insurance from another, the total is $2,200.
- Let's say, however, you decide to get your home insurance from your car insurance company. The price is $1,500 for the new home insurance policy, $300 more than what you pay right now.
- The new combined price would mean a $300 increase, totaling $2,500.
- You would need a bundling discount of $400 or so, at minimum, to decrease the total bundle rate by enough money to save when compared to the price you currently pay for the separate policies.
Bundled rates aren't always cheaper in absolute terms. This is why you should carefully compare what you pay for separate policies now to quotes on home and car insurance bundles.
Should you bundle home and auto insurance in Hawaii?
Prior to signing up for an auto and home bundle, it’s important to shop around. Bundling your car and homeowners insurance has many advantages; you only have to deal with a single company and with a single bill and you typically get a discount on both policies. However bundling isn’t always the best deal.
Some companies have cheap car insurance rates but less competitive home insurance rates, and vice versa. You might pay less overall by choosing two different companies for your insurance.
Shop around and evaluate Hawaii car insurance rates on an individual basis and with a bundling discount to make sure you’re getting the best deal before you buy.
Methodology
In the spring of 2023, Insurance.com analyzed rate and discount data from Quadrant Data Services. The rates, from 2022, are the most recent available to Insurance.com and are based on a 40-year-old male driver with a 12-mile daily commute, good credit and a clean driving history. Rates were fielded for a full-coverage policy (100/300/100 with a $500 collision and comprehensive deductible). Homeowners insurance rates are based on $300,000 in dwelling coverage with $300,000 in liability and a $1,000 deductible.
Auto insurance FAQs
How do I cancel my insurance and bundle with another company?
You should have your new policy ready to go first, as you want to avoid a lapse in coverage. Once you have the new policy start date, give your car or homeowners insurance company at least a 30-day notice of your cancellation. You can set the start date of your new policy for the day your old policy ends. By doing so, you'll ensure that your former company will stop billing you by the time your new policy is in effect. You'll also prevent any coverage gaps between the canceled policy and the new one.
Is there a limit on how many policies can be bundled?
Typically, you can purchase as many insurance policies as you want from the same company. However, that doesn’t mean you can take advantage of a bundling discount with every policy you buy. There may be a limit on the number of policies you can bundle with one company. For instance, you might only qualify for a bundling discount on the three most expensive policies. You should speak with an agent from your insurance company to learn more about the possible restrictions.
What type of insurance policies can I bundle?
Multi-policy discounts can also apply to other types of insurance policies that you buy from the same insurance company. Depending upon the insurer, you may also be able to bundle these types of insurance policies:
- Condo
- Renters
- Motorcycle
- RV
- Life
Some auto insurance companies don't write homeowners insurance, but some may align themselves with a home insurer to offer a discount. Ask your agent or customer service representative to see if you can bundle multiple insurance policies.
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