Cheap Car Insurance if You Rent an Apartment

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By Elan Mcafee
Updated on May 4, 2022
Reviewed by Carrie Adkins, VP of Content.
    One of the questions carriers ask when calculating a
    car insurance quote
    is how long you have lived at your current address. If the answer to that question is a year or more, it paints a better picture of your financial stability than if you have only been there a matter of months.
    As a general rule, insurance premiums are lower for individuals with indicators of financial responsibility because providers tend to view these people as less
    . The less likely an individual is to cost a provider money, the less that provider charges for their services. Therefore, a good apartment history can help
    lower your premiums

    How to Prove Your Rental History

    Some insurance companies offer discounts to individuals who have rented an apartment in the same location for a long time, which shows the ability to stick with a lease and remain in good standing with the landlord.
    If you meet these eligibility requirements for a
    , you may then need to prove your rental history of paying on time, keeping the property in good condition, and getting along with the neighbors.
    Most insurance providers will accept a copy of your rental agreement, along with a current utility bill that shows you are still residing at that address. Alternatively, you may provide a written statement from your landlord to prove you have consistently made rental payments on time.
    Other insurance providers may call your landlord to verify your application information.

    Increase Savings with Multiple Policies

    Another way to increase your savings on car insurance is to procure coverage from the same company with which you have
    renters insurance
    . Many providers offer savings when you
    buy more than one insurance product
    from 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 and most affordable insurance.
    Circumstances change not just for individuals but for insurance providers as well. Companies can revise discount eligibility requirements at will, and you may not even be aware of such changes.

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