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Elizabeth P | Member Since 2008
You may have heard of bundling your insurance policies, but have you done it yet? If you’re not sure what it means, it’s simple: It merely means buying multiple types of insurance (such as vehicle and property) from a single insurance carrier. Carriers generally benefit from bundles by mitigating turnover and generating revenue, so they can reward consumers who bundle with discounts. There are three main reasons to bundle your insurance policies:
You Can Save MoneyOn average, insurance carriers offer up to a 30% discount for bundling policies.
It’s ConvenientWhen you use one company for all of your insurance policies, you can enjoy the familiarity of working with just one representative. If the carrier knows you and is aware of your assets and personal situation, it will be a simpler process when you need to make a policy change or file a claim.
You Could Benefit from a Combined DeductibleSeparating your policies can make your claims cost more. For example, imagine that your policies were not bundled, and a hailstorm damaged your roof and vehicles simultaneously. You would have to file separate claims and pay separate deductibles to repair the damage to your home and autos. If your home and auto insurance policies were bundled under one insurance carrier, it’s possible, if not likely, that you would have to file only one claim for the singular event and pay only one deductible. (Typically, you would pay the higher deductible of your policies, but it could still lead to significant savings.)
Your insurance agent is your advocate and can help you navigate the insurance-buying process. Simplify your life, and maximize your savings when you bundle your insurance.