Cheap Car Insurance if You Rent an Apartment

Drivers with a good apartment rental history can often get insurance discounts because it signals high financial responsibility to insurers.

Elan McAfee
Cheap Car Insurance if You Rent an Apartment

One of the questions insurance company providers invariably ask when calculating a car insurance premium quote is how long you have lived at your address. If the answer to that question is a year or more, it paints a better picture of your stability than if you have only been there a matter of months.

As a general rule, insurance premiums are lower for individuals who have an air of monetary responsibility because providers tend to view these people to be less risky. The less likely an individual is to cost a provider, the less that provider charges for their services. Therefore, a good apartment history can help lower your premiums. In this article, Part 1 shows you how to prove rental history and Part 2 describes how to increase savings if you bundle your car and renters insurance.

Part 1 of 2: Be able to prove rental history

Some insurance companies offer discounts to individuals who have rented an apartment at the same location for a long time, showing the ability to complete a lease and remain in good standing with the landlord.

If you meet these eligibility requirements for a discount, you may then need to prove your good rental history of paying on time, keeping the property in good condition, and getting along with neighbors well.

Most insurance providers will accept a copy of your rental agreement along with a current utility bill to show you are still residing at that address. Alternatively, you may provide a written statement from your landlord to prove you have made rental payments consistently on time.

Other insurance providers may call your landlord to verbally verify your application information on their own.

Part 2 of 2: Increase savings with multiple policies

Another way to increase your savings on car insurance is to procure car insurance through the same company with which you have renter’s insurance. Many providers offer savings when you have more than insurance product through them.

  • Tip: Bear in mind, however, that agents are not necessarily transparent about discounts for which you qualify. In many cases, you must ask if they have certain discounts and if you are eligible. There is nothing to be lost in asking and only potential savings to be gained.

If you do not qualify for cheaper car insurance based on your apartment rental history now, you may be eligible a few months or years down the line. That is one reason why drivers should periodically shop around for the best insurance value for their needs.

Circumstances change not just with individuals but also with insurance providers as well. Companies can change car insurance premiums and discount eligibility requirements at will, and you may not even be aware of such changes.

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