If you’re like most people, you have more than one type of insurance. You may have insurance on your car and your home, as well as life
And it’s also possible that every time you needed a new policy you started from square one, shopping around.
What you might not know is that you could be saving money by purchasing more than one type of insurance coverage from the same provider.
In fact, though the discounted amount varies depending on the provider and the types of coverage you are bundling, oftentimes discounts on each premium can be up to 20 percent for combining home and auto coverage and up to 25 percent for bundling auto, home and umbrella insurance policies.
“Many times someone will choose a car insurance based on what provider their parents used or what company offered them that on the surface seemed like the lowest price,” says Andrea McGrath, President of Bates Insurance Agency Inc. “Then when they need homeowner’s insurance they shop around again. But what people might not realize is, if they are in the market for a number of different insurances _ car insurance, homeowner’s insurance, umbrella insurance _ it really makes good sense for a number of reasons to bundle your insurance.”
Not only is it a money saver, but sometimes the benefits extend to having a lot more coverage and a better relationship with your carrier.
Most importantly, a J.D. Power & Associates study found that customers who purchase their home and auto coverage from the same provider are substantially more content.
“Bundling your insurances can potentially save you hundreds of dollars a year,” McGrath says. “And, for many people, more familiarity with the company they are doing business with, by having that one provider, is an added bonus.”