SAN FRANCISCO – June 4, 2014 – Purchasing auto and homeowner’s insurance from the same company leads to an average savings of $270 per year, according to a new insuranceQuotes.com report. That's a 15% discount.
The states with the highest average savings are Louisiana ($505), Oklahoma ($468), Texas ($435), Mississippi ($422) and Missouri ($366).
The lowest are Hawaii ($116), Florida ($147), North Carolina ($166), Vermont ($176) and Idaho ($190).
Click here to view the results for all 50 states and Washington, D.C.:
“Consolidating your insurance policies with a single company is one of the easiest ways to save money,” said Laura Adams, senior analyst, insuranceQuotes.com. She added, “The differences between states can be attributed to competitive and regulatory factors.”
The average savings for combining car and condo insurance is 11%, and consumers who bundle car and renter’s insurance receive an average discount of 8%.
insuranceQuotes.com and Quadrant Information Services calculated the average economic impact of purchasing auto insurance with either home, condo or renters insurance using data from the largest carriers (representing 60-70% of market share) in each U.S. state and the District of Columbia.