We save our customers an average of $693 per year on auto and home insurance.

SelectQuote customers save an average of $693 per year when they bundle their home and auto insurance.

In addition to a bundling discount for multiple policies, some insurers might be able to provide a single deductible for both policies. This could help save money in the long run should accidents occur to the assets you’re hoping to insure.

However, there are other deductions you can claim as a homeowner as long as you itemize your taxes and keep track of your expenses throughout the year. They include:

• Mortgage interest
• Up to $5,000 in property taxes if single or married filing separately and $10,000 in property taxes if married and filing jointly
• Home equity loan interest
• Home office expenses if you operate a business in your home
• Necessary home improvements, like adding ramps, widening doorways and installing medical equipment to make your home accessible for a medical reason
• Private mortgage insurance (PMI)

Your homeowners insurance policy might have either total replacement cost coverage or actual cash value coverage included. Knowing the difference between them is important in understanding how much it may cost to replace your home:

• Actual cash value insurance policies provide coverage for the current cash value of the dwelling or property by factoring in depreciation. Depending on the type of claim, you may not be able to fully replace or repair the loss if the current value is significantly less than the cost of a new item.
• Total replacement cost insurance policies ignore depreciation and replace the current value of the home named in the claim. These insurance policies are typically more expensive, but means you likely won’t have to worry about increased cost of materials.

Here’s an example: a home valued at $300,000 may cost $375,000 to rebuild due to inflation and increased material or labor costs. If you had an actual cash value policy, it would not cover the remaining $75,000 needed to rebuild the home. If you had a total replacement cost policy, the entire $300,000 would be covered as long as your policy limit was not over $300,000.

Here are some tips on how you may be able to lower your car insurance rates:

• Look for car safety and security features when buying a new vehicle. Driving a car equipped with built-in safety features (such as airbags and antilock brakes) and security features (like anti-theft and engine cut-off systems) may qualify you for lower car insurance premiums. These vehicles are statistically less likely to be in an accident or stolen than cars that don’t have these features.
• Opt for a higher policy deductible. Your deductible is the amount of money you’ll pay out-of-pocket in the event of a claim. The higher your deductible, the lower your premium generally is. Deductibles on auto insurance policies typically range from $0 to $1,500.
• Take a safe driving course. Some auto insurance companies offer discounts for drivers who successfully complete a safe driving course at an accredited institution. Typically, these courses are taken by teenage drivers and seniors, but any driver may benefit from them.
• Park your car inside a garage. Many insurance companies offer discounts to people who park their cars inside a garage, rather than out on the street or in a driveway. Statistics show that vehicles in garages are less likely to be stolen or in accidents.
• Compare before you buy a policy. Be sure to get several auto insurance quotes when shopping around, then compare them side-by-side to pick the one that’s best for your situation. While this is time consuming, it’s well worth the money you can save. By shopping with SelectQuote, we can streamline that process for you and shop dozens of policies tailored for your needs in just minutes and find the one that works best for you.
• Bundle your auto insurance policy with another policy. If you buy more than one policy from the same insurer, you may qualify for a multi-policy discount. Consider bundling your house and car, all the cars in your household, or vacation homes, RV’s, motorcycles, boats, or other assets together with your car to reap the benefits of big savings.
• Get good grades. If your full-time student is earning good grades, they may qualify for a lower car insurance rate. Students typically must be under age 25 and unmarried. Your agent can tell you about other potential ways to save if a young driver is on your policy.

Your car insurance coverage covers the vehicle and any driver listed on your policy. This makes it very important to list all drivers in your household on your policy. Your policy may offer some protection for licensed drivers not listed on your policy who you occasionally let drive your car, such as:

• Extended family (including parents, grandparents, aunt/uncles, niece/nephews)
• Friends (such as when sharing driving shifts during a road trip, borrowing your car while their car is in the shop, etc.)
• A significant other (who doesn’t live in your household)