Should I get more car insurance if I own a home?

In general, the answer to this question is yes. You generally want to protect your assets against possible litigation in the case that you are at fault. Further, if anyone in the accident needs long term medical attention, your assets could be confiscated. Higher coverage on your car insurance can help protect your assets in the case that you are at fault. Additionally, you may want to consider an umbrella insurance policy. Umbrella policies can be had cheaply. For example, a one million dollar policy only costs about $200 – $300 per year.The good news is that if you are a homeowner and have a homeowner’s insurance policy you may be able to offset the additional charges for car insurance by getting a car insurance policy from the same insurance company where you currently have your homeowner’s insurance. Most insurance companies offer discounts for multiple policies to encourage their clients to get all of their different insurance policies from them. However the discounts offered by each insurance company differ.

It is safe to say that having at least one car insurance policy will make you eligible for a discount if you already have a homeowner’s insurance policy. What is unclear and can be cleared up only by your each insurance company is if more car insurance will translate to a bigger discount. To clear things up you can ask your insurance company the following questions.

Will you give me a discount if I get a car insurance policy in your company?
If I get more than one car insurance since I own several vehicles will you give me a bigger discount? If yes. Will the discount add up with each additional car insurance policy I purchase?

If I opt for a higher car insurance premium will it also translate to a bigger discount?

Will adding more drivers in my car insurance policy entitle me to an additional discount?

If the answer to all questions is yes then evidently getting more car insurance is a clear advantage if you have a homeowner’s insurance policy. However if you own several cars and your insurance policy will only give a discount for multiple policies once then it might be a good idea for you to get a car insurance policy just for one of your cars in that insurance company and then insure the others in another company that will give you a discount as well.

Don’t get too carried away with discounts though and keep in mind your needs. If the current premium you’re paying for your car insurance gives you adequate coverage then it might not be a very good idea to go for a higher premium policy just to get a discount. If the discount is substantial though and the additional coverage is really worth it then by all means upgrade to the car insurance policy with a higher premium. The thing with this is to do the math.

If getting more car insurance doesn’t seem very feasible look to other ways you can get a discount on your homeowner’s insurance policy. Even if more car insurance will get you a discount it is still a good idea to look for other ways in which you can get even more discount.