Homeowner = cheaper car insurance?

martin2345uk

Hi all,

a friend of mine said that if you own a home, your car insurance is likely to be cheaper...

Is that true? Why would that be, if it is?

I just called Admiral to give them my new address, a house I bought as a FTB, but they said it's not even noted down whether or not I own my property, so a bit confused

AndyPK

Varies with insurance company.

They will knock a bit off if you live with a partner.

InsideInsurance

martin2345uk wrote: »

Is that true? Why would that be, if it is?

It may be for some insurers.

Why would it be? Technically, because they've got the data they have analysed their book between those that own and those that don't and seen that home owners have a better claims history be that less claims or less costly claims. Insurance premium for mass market products like Motor is calculated using statistics not logic.

Now if you wanted to try and rationalise it using logic you would argue that those who are married, have a house, have kids etc are more settled in life and are on average less likely to be showing off than those that share rent with friends, single, no commitments etc. Of cause there will always be exceptions but insurance works on the norm.

As to Admiral, they have some of the lightest questions out there, they dont ask if a vehicle has a tracker even if its a 80k+ car where as most insurers wont touch such a vehicle without one

martin2345uk

Thanks guys - will see if I notice any difference come renewal time then

System

AndyPK wrote: »

Varies with insurance company.

They will knock a bit off if you live with a partner.

Depends on the partner's insurance and driving record I would have thought?

AndyPK

Your thinking if the partner was included as a driver.
But yes, adding cleaner/sensible drivers can also lower it.

Jamesdaniel

[FONT=&quot][/FONT]Somehow they get because financial stability lowers insurance rates as homeowners are considered more stable.

InsideInsurance

Jamesdaniel wrote: »

Somehow they get because financial stability lowers insurance rates as homeowners are considered more stable.

If you are talking about financial stability then you are looking at reducing the fraud risk. If it is just general life stability then its reducing the accident risk