Combining home and auto insurance is a simple way to reduce insurance rates on both coverages. If you get home and car insurance from the same company, you may be eligible for a discount on both policies, which lessens both your home and auto insurance premiums.
There are other advantages, says Rick Krapes, a Country Financial insurance agent. "If you have both home and auto insurance with Country, and both your home and car are damaged in the same occurrence … you will only have to pay one deductible for your insurance," he says.
Most insurance companies in Kentucky offer bundling discounts, but the discounts and overall prices vary, sometimes by hundreds of dollars. So, it’s essential to analyze the overall savings and the rate for each policy to find the best car and home bundling discount in Kentucky.
- Cheapest home and auto bundles in Kentucky
- The companies offering the cheapest home and auto bundles in Kentucky
- Biggest home and auto bundle discounts in Kentucky
- How do home and auto bundles affect car insurance rates in Kentucky?
- 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 Kentucky?
- Methodology
- FAQs: Home and auto insurance bundling
Cheapest home and auto bundles in Kentucky
The total cost of a home and auto bundle depends on the base prices for the underlying home and auto insurance coverages. The discount 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 Kentucky, the cheapest car and home bundles are offered by Nationwide, followed next by State Farm.
| Company | Home premium | Auto premium | Bundle premium | Without bundle premium |
|---|---|---|---|---|
| Nationwide | $2,706 | $1,893 | $3,465 | $4,599 |
| State Farm | $2,603 | $2,160 | $3,549 | $4,763 |
| Cincinnati Insurance | $2,039 | $2,063 | $3,628 | $4,102 |
| Auto-Owners | $2,162 | $2,003 | $3,701 | $4,165 |
| Grange Mutual | $2,858 | $1,858 | $4,236 | $4,716 |
| Kentucky Farm Bureau | $5,675 | $2,625 | $6,948 | $8,300 |
The companies offering the cheapest home and auto bundles in Kentucky
Nationwide
Our take: Nationwide auto customers give it high marks for affordable rates and claims satisfaction. Its home insurance rates aren’t the lowest, but they are still cheaper than many competitors. Nationwide, the tenth-largest property and casualty insurance company in the nation, ranked third for claims satisfaction in J.D. Power’s 2022 survey.
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 for its various policy offerings. State Farm is the biggest property and casualty insurance company in the nation.
Biggest home and auto bundle discounts in Kentucky
With an average of 25%, the largest discount for bundling home and auto insurance can be found at Nationwide and State Farm. In contrast, at only 10%, the smallest multi-policy discount of the companies reviewed belongs to Grange Mutual.
| Company | Home and auto bundle discount |
|---|---|
| Nationwide | 25% |
| State Farm | 25% |
| Kentucky Farm Bureau | 16% |
| Cincinnati Insurance | 12% |
| Auto-Owners | 11% |
| Grange Mutual | 10% |
How do home and auto bundles affect car insurance rates in Kentucky?
The table below displays Kentucky auto insurance rates both prior to and after a bundling discount is applied. The cheapest price before the multi-policy discount belongs to Grange Mutual, and the most significant overall discount is offered by Nationwide.
| Company | Auto premium before bundling | Auto premium after bundling | $ difference after bundling | % difference after bundling |
|---|---|---|---|---|
| Nationwide | $1,893 | $1,630 | $263 | 14% |
| Grange Mutual | $1,858 | $1,717 | $141 | 8% |
| Auto-Owners | $2,003 | $1,743 | $260 | 13% |
| Cincinnati Insurance | $2,063 | $1,798 | $265 | 13% |
| State Farm | $2,160 | $1,818 | $342 | 16% |
| Kentucky Farm Bureau | $2,625 | $2,362 | $263 | 10% |
How does bundling home and car insurance work?
The concept of bundling is pretty basic. You buy more than one type of insurance from the same company and, in exchange for the increased business, the insurance company may give you a discount. And there’s an additional benefit to the insurer in offering bundles: Customers who bundle are more likely to renew with their insurer.
You typically get discounts on both car insurance and home insurance when you bundle coverage. The discount isn’t the same for each coverage type. 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 bundling. You could find a provider with a low price on one of the two policies, which could result in better savings than a bundle. Here’s how that works:
- If you pay $1,000 for car insurance from one insurer currently and $1,200 for home insurance from another, that adds up to $2,200.
- Let's say, however, you decide to get your home insurance from your car insurer. The price is $1,500 for the new home insurance policy; that's $300 more than what you pay right now.
- The new overall bundle rate would see 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 pay currently for the separate policies.
Remember that rates on bundles aren't always lower in absolute terms. This is the reason 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 Kentucky?
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 Kentucky car insurance rates on an individual basis and with a bundling discount to make sure you’re getting the best deal before you purchase.
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.
FAQs: Home and auto insurance bundling
Below are answers to common questions about bundling home and auto and other multi-policy discounts that can save you money on your insurance coverage.
What information do you need to bundle your policies?
To bundle your policies you will need all of the details for both the cars and the home you want to insure. That includes VINs, driver information and details about the home. Your current home and auto policies will list this information for easy reference.
Which insurance companies bundle home and auto insurance?
Almost every insurance company offers a bundling discount, often called a multi-policy discount. Multi-policy discounts aren't just for auto and home. They often include other home insurance policies like renters and condo, as well as motorcycle insurance and in some cases life, RV, boat, and others.
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.
