Bundle Your Auto And Home Insurance For Massive Savings
You need insurance for your car, insurance for your home, and insurance on your life. Buy your coverages separately, or “bundle” them into a single policy with just one insurance provider. You’ll save big money, and gain some other advantages, too.
What Is Insurance Bundling?
Bundling is an insurance term for when a person get two or more insurance policies from the same insurance company and receives a discount for it.
This discount is sometimes called as a multi-line discount because insurance companies combine multiple policies into a single contract of insurance.
Most insurance types can be bundled for a multi-line discount, including:
- Auto insurance
- Homeowners insurance
- Renters insurance
- Condo insurance
- Life insurance
Other insurance policies can be bundled, too, including boat insurance, motor home insurance, and personal umbrella liability insurance.
The more you bundle, the more you can save. Some insurance companies offer discounts of twenty-five percent or more.
You can also give yourself protection against getting dropped by your insurer.
Insurance companies get nervous when a customer files multiple claims in a short period. Too many claims, such as a string of unfortunate car accidents or home break-ins, and your insurer may drop you from coverage.
They’re less likely to drop you after making an insurance claim if your insurance policies are bundled. This is because insurance companies treat bundled insurance policies differently from stand-alone ones.
Customers who are insured for multiple items, such as auto insurance and renters insurance; or, two cars at the same residence get more leeway with insurers than customers with only a single insurance policy.
Typical Homeowners Insurance Cost By State, Monthly
The average monthly cost of homeowners insurance, by state
3 Reasons Why People Like To Bundle Insurance
There are good reasons why you might want to bundle multiple insurance policies with a single insurance provider.
The first reason to bundle is that when you have multi-line policy your insurer, you get a single point of contact for all of your insurance needs.
You might never expect something to go wrong with your car, your home, or your boat, for example, but when it does, it helps to have a sympathetic voice on the phone that knows you and your complete situation.
This is especially helpful when you’re making multiple claims at once, such as when a storm damages parts of your home and your car. Instead of making two separate calls to two separate insurers, you’re only calling once.
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The second reason to bundle your insurance is that bundling into a multi-line insurance policy can save you money on your deductible.
When your insurance is bundled, insurance companies typically allow a single deductible to be paid after a single event causes damages to multiple items.
For example, if a tree in your yard gets blown down by the wind, and the tree strikes your home and your car on the way down, rather than paying the deductibles on both your home and your car, you’d only pay one.
This can save you $1,000 or more, depending on the size of your deductibles.
And, third, bundling your insurance gets you access to major discount on your coverages.
Insurance companies offer discounts of 25% or more to customers who use a multi-line policy and savings like that can be huge — especially when you carry three or more policies.
The more you have to insure, the more you can save by bundling your policies with a single insurance carrier.
Different Ways To Bundle Your Insurance
When you shop for insurance, most insurance companies will urge you to bundle multiple coverages into a single, multi-line policy.
This is for your benefit and the insurer’s benefit, too.
With a multi-line policy, you get access to cheaper insurance; a single point of contact; and, less chance of having your policy dropped because of a claim. The insurer benefits from having more of your business. Everybody wins.
There are three common ways to bundle your insurance.
Bundle auto insurance with homeowners insurance
Some of the biggest multi-line policy discounts available come from bundling an auto insurance policy with a homeowners insurance policy.
If you’re buying a home, make sure to check into bundling.
It’s common for home buyers who bundle homeowners insurance with auto insurance to get savings of fifteen percent off their costs. Some insurance providers, though, up those savings to 25% or more. In general, the higher your home’s value, the more you can save.
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Bundle auto insurance with renters insurance
When you’re renting a house or apartment, bundle your renters insurance with your auto insurance to get a multi-line discount of 10% or more on your total insurance costs.
You can increase your bundling discounts by adding fire and smoke detectors to your home; or, by adding home security, such as a monitoring system or a wireless home alarm.
Raising your deductible is another way to lower your insurance costs.
Bundle life insurance with auto insurance and homeowners insurance or renters insurance
Not all insurance companies will allow you to bundle life insurance with auto insurance and homeowners insurance or renters insurance. The ones that do, however, offer massive customer savings.
Life insurance is critical. If you’re 18 years or older, you should consider life insurance. This is because life insurance pays cash in case of your death and that money can be used to pay for your funeral, and to relieve burdens on people who care about you.
Life insurance is cheapest when you’re young, too.
When you’re 18, the cost of a $250,000 life insurance payout is approximately $13 per month, and that cost remains fixed for twenty years, until you’re 38. Then, you bundle it. Bundling your life insurance with auto and homeowners or renters can drop yours cost even more.
There’s no better time to buy life insurance than when you’re young.
Shop For Cheap Insurance Bundles
When you drive a car, car insurance is required. When you own or rent a home, home insurance is required. If you’re 18 or older, life insurance is a good idea. You can’t get live life without being insured.
When you’re shopping for insurance, then, shop for cheap rates and look for opportunities to bundle into multi-line policies. The more you bundle, the more you can save.
Insurance quotes can be shopped online and you’ll want to check about bundling with at least three separate insurers because not all discounts are alike. Get started with your shopping today.