SoFi Blog

Tips and news—
for your financial moves.

Jan
05
2022

Online Auto Insurance

By | 1_Web_Protect | Comments Off on Online Auto Insurance


Auto Insurance

Auto insurance
made easy.

We’ve teamed up with Experian® to help you protect your vehicle with the right auto insurance coverage at the right price.


Compare quotes now

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Get auto insurance coverage that’s right for you.

  • Compare quotes

    Compare auto insurance prices and coverage options from a network of top providers.

  • Save time

    Answer a few simple questions to get all your car insurance quotes in minutes, all in one place.

  • Personalized coverage

    See options tailored to fit your needs and compare them to your current auto policy.

  • Great rates

    Competitive quotes from different car insurance providers could help you save $1,007 a year on average.*

How to get auto insurance:

How to get auto insurance:


  • Personalize it.

    Answer a few questions about your car and insurance needs.

  • See your quotes.

    Get offers from up to 30 top auto insurers to find the best rate.

  • Get covered.

    Purchase your favorite car insurance policy. That’s it!


Compare auto insurance quotes now

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Auto insurance FAQs


How much is car insurance?
The average cost for full coverage car insurance in the U.S. is typically between $1,500 and $2,500 per year, or $125 to $210 per month. Your personal rate depends on a variety of factors, including the car you drive, your driving record, your location, and the amount of coverage you choose.

How do I get car insurance?
You can get car insurance online by providing some basic information to compare personalized quotes from different companies. The process involves choosing the coverage amounts that are right for you, reviewing your options, and then purchasing your chosen policy. You can often get proof of insurance in your email inbox almost instantly.

Who offers the cheapest car insurance?
No single company offers the cheapest car insurance for everyone because each insurer weighs your information differently. A provider that’s cheap for your friend might be expensive for you due to your car, ZIP code, or driving history. The only way to find out who is cheapest for you is to compare personalized quotes.

What is liability car insurance?
Liability car insurance covers the costs for damage and injuries that you cause to other people in an at-fault accident. It’s the minimum coverage required by law in most states, but it’s important to remember that it does not pay for damage to your own vehicle.

What is comprehensive auto insurance?
Comprehensive insurance covers damage to your car from non-collision events that are mostly out of your control. This includes things like theft, vandalism, fire, falling objects, hail, or hitting an animal. It’s the policy that protects your car from almost everything except a traffic crash.


What does full coverage car insurance cover?
“Full coverage” is a term for a policy that combines liability, collision, and comprehensive coverage. This package protects you if you cause an accident (liability), covers your own car from crash damage (collision), and pays for damage from non-crash events like theft or storms (comprehensive).


How much auto insurance do I need?
How much auto insurance you need will depend on your state’s legal requirements and, more importantly, your personal assets. While every state has a minimum, most experts recommend higher liability limits (like 100/300/100) to ensure your savings and property are safe if you cause a serious accident.


Why is car insurance so expensive?
Car insurance costs are based on the level of risk an insurer takes on to cover you and your vehicle. This risk is calculated using statistics tied to factors like your location, driving record, the type of car you own (and its repair costs), your age, and the specific coverages and limits you select for your policy.

How can I lower my car insurance?
The most effective way to lower your car insurance is to compare quotes from multiple companies. Beyond that, you can raise your deductible, ask about discounts you qualify for (like safe driver or bundling), and work on maintaining a good driving record and credit score.

How is Experian® different from other insurance companies?
Experian® is an online insurance broker and agent. Experian® doesn’t replace the insurance company, it just helps you shop. Experian’s product is a free tool that helps you compare auto and home insurance rates across top providers and finds you the cheapest rate for your exact coverage.

How does Experian® work?
Experian® uses the account credentials to your current insurance account (or a PDF of your policy declarations page) to learn about your current coverage details, so you don’t have to input them manually. Experian® uses those details to get you apples-to-apples comparisons for the same coverage from other insurance providers to find a great rate. If you don’t want to use this feature, you can manually enter your information and select coverage type to get a quote.

How does Experian® make money?
Just like all agents, Experian® is paid a commission by the insurance company. There is no upcharge to you, Experian’s tool is free for you to use. These commissions are from the insurance companies’ marketing budgets given Experian® brought them new customers, not from your premiums. Your rates are the rates provided and don’t change. Experian® shows you quotes based on your savings. Experian® does not sell or share your data and doesn’t cold call or spam its customers.


See all FAQs



Get auto insurance today.


Compare quotes now

Read more
Jan
05
2022

Online Insurance

By | 1_Web_Protect | Comments Off on Online Insurance


Online Insurance

Online insurance
made easy.

We’ve teamed up with top companies to help you find the right insurance at the right price.


Explore coverage

Get insurance coverage you can count on.


Quickly find and compare personalized quotes with Experian®. You could save $1,007 per year1 on average when you switch policies.


Learn more

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Term life insurance starts at just $5 a month2 through Ladder. It’s easy to understand and quick to set up—no medical exams required.3


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Easily compare quotes to find the best deal with Experian®. You could save $1,342 per year4 on average by switching your home and auto insurer.


Learn more

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Find simple, affordable, customized renters insurance with Experian®. See quotes from the top insurers in under five minutes.


Learn more

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Easily create and manage your estate plan.

For a limited time, get 20% off a trust, will, or guardianship through Trust & Will.*


Learn more


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Learn more about insurance




















See more insurance articles

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FAQs


What is renters insurance?
Renters insurance is a safety net for you and your stuff. Along with loss or damage due to theft, fire, vandalism, some types of water damages, like burst pipes, and other bad things (“perils” in insurance-speak), it can also cover temporary living expenses if your home becomes unlivable, and certain non-physical fees (such as medical or legal fees if someone claims to be injured due to your actions or negligence).


Who is Experian® Insurance Services, and why has SoFi teamed up with them as an insurance provider?
Experian® Insurance Services is our trusted resource for renters and homeowner insurance. Sharing our values of transparency and forward-thinking technology, Experian® offers a seamless insurance shopping experience so you can rest easy knowing you have the right insurance coverage at the right price. You can compare rates from up to 30 top insurance providers in just minutes and easily switch if you find a better deal.


How much homeowners insurance coverage do I need?
Short answer: Depends on your lifestyle needs and ability to pay up-front. You’ll have to adjust your coverages by taking into account ​the amount that it’d take to rebuild your home, how much personal stuff you have, and how much personal liability coverage you’ll want.


Where can I learn more about Experian®?
Check out our home and renters FAQ ,​ or feel free to reach out to the Experian® team: [email protected].


What is homeowners insurance?
Homeowners insurance is a contract between you and your insurer to protect you, your family, and your property from a list of bad stuff that can cause damages or losses. It protects you from a range of things – from your actual home and property to stuff you may accidentally do to other people even when you’re not at your place​.


How much renters insurance coverage do I need?
Short answer: Depends on your lifestyle needs and ability to pay upfront. Basic renters insurance policies start with $10,000 worth of personal property coverage, and most people get around $30,000 worth of personal property coverage.


Where is Experian® available?
Experian® is currently available in all 50 states.


What kind of documents and info do I need to apply for homeowners insurance?
You’ll need to answer a few questions, including the address of the property you’re insuring, and any mortgage docs and lending info you have for your property. You’ll get a quote in minutes! Learn more about how to buy homeowners insurance.


What kind of documents and info do I need to apply for renters insurance?
Just your address (and some quick questions about you!) It can take you less than 5 minutes to get a renters insurance policy.


See all FAQs



Insurance made easy.

You could get covered online in minutes.


Explore coverage

Read more
Jan
05
2022

Banking Early Access

By | Uncategorized | Comments Off on Banking Early Access


NEW! Checking and Savings

Better banking is here.
Earn up to 1.00% APY.1

Upgrade to SoFi® Checking and Savings and set up direct deposit at no cost with no account fees to start earning up to 33x the national average2 interest.


Upgrade Now

Note: Upgrade is by invite only.

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Get early access to new features.
Keep the oldies but goodies.

What’s new

Increase your APY1
to up to 1.00%.

33x national average interest2
on your cash.

Different checking and
savings for easy budgeting.

Any Vaults you have will be
moved under savings.

Better banking and user-
friendly interface.

New design that’s even
easier to navigate.

Automated savings
features.

Reach your goals faster with
Autopilot.

{/* WHAT STAYS THE SAME */}

What stays the same

  • No account fees and free ATMs at 55,000+ Allpoint locations3

  • Routing number

  • Debit card (and checks if you have ’em)

  • No-fee overdraft coverage4

  • All the benefits you love like Vaults, 2-day-early paycheck*, and more

  • FDIC insurance**

  • Username and password

*Requires direct deposit
**FDIC coverage will be limited to $250K.

We work hard to give you high interest and charge no account fees. With that in mind, our interest rates are variable and fee structure is
subject to change at any time. See our terms and conditions.

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1, 2, 3 steps to earn
up to 1.00% APY.1



  • Step 1:
    Accept Terms & Conditions.



  • Step 2:
    Verify your info.



  • Step 3:
    Enable direct deposit (if you haven’t already).*


Upgrade Now

*You can still upgrade to SoFi Checking and Savings and get our highest APY for the first 30 days. After that, you have to set up direct deposit to continue earning higher APY.

It’s the SoFi you love—and then some.

The scoop: Becoming a bank helps us give our members the better banking they deserve with higher interest on their cash. Plus, favorite features—like no account fees and 55K+ free ATMs3—aren’t going anywhere. Boo ya!

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FAQs


When can I upgrade to SoFi Checking and Savings?

Each day we’ll allow more members to upgrade to SoFi Checking and Savings. We expect to open up access to all existing SoFi members in the coming weeks. Check your email for an invitation to upgrade your account or login to the SoFi app to see if you have been invited.


What’s the difference between SoFi Money and SoFi Checking and Savings (banking products)? Isn’t SoFi already a bank?

SoFi is now a nationally chartered bank offering SoFi Checking and Savings. Until now, we’ve been partnering with The Bancorp Bank to provide an all-in-one cash management account.
If you’re a member upgrading from SoFi Money to SoFi Checking and Savings, we’ll make it easy to upgrade to ensure there are no interruptions to your account. You’ll be eligible for a higher APY1 (annual percentage yield) with no change to your existing routing number, bill pays, or existing SoFi debit and credit cards.


What will my interest rate be on SoFi Checking and Savings?

Members can earn up to 1.00% APY on their Checking and on Savings with qualifying direct deposits. That’s more than 33x2 the national average rate for a checking account! Members without direct deposit will earn 0.25% APY which is 8x2 the national average.


Will I lose any features or benefits that I currently have with SoFi Money?

FDIC insurance will move from $1.5M of balances held to the industry standard of $250k per member (joint accounts will have $500k in total insurance for the account). Our ATM reimbursement program is changing to only provide reimbursements at the Allpoint Network of 55,000+ ATMs (more than Chase, Wells Fargo, and Bank of America combined)! Members will continue to enjoy no account fees and have access to features like Vaults, automatic savings features, 2-day Early Paycheck*, and no-fee Overdraft Coverage4.


See more FAQs

{/* EARN MORE */}

Earn more on your
money—then take
that to
the bank—
with SoFi Checking and Savings.


Upgrade Now


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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 696891. (www.nmlsconsumeraccess.org)

✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

INVESTMENTS: NOT FDIC INSURED • HAVE NO GUARANTEE • MAY LOSE VALUE. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The SoFi Wealth platform is operated and maintained by SoFi Wealth LLC, an SEC Registered Investment Advisor. Brokerage services are provided to clients of SoFi Wealth LLC by SoFi Securities LLC, an affiliated broker-dealer registered with the Securities and Exchange Commission and a member of FINRA /SIPC . Clearing and custody of all securities are provided by APEX Clearing Corporation. For more information, please see SoFi Wealth LLC’s Form ADV Part 2 by clicking here for SoFi's Wealth Form ADV Part 2 A&B or by visiting www.adviserinfo.sec.gov .
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