The Benefits of Bundling Insurance Policies

If you have several different types of insurance, it may be a good idea to buy them all through the same company. Known as bundling, it could help you save money while giving you the peace of mind that comes with buying coverage through a trusted provider.

You Have One Agent for All of Your Policies

The best part about bundling your insurance policies is that you have one person to talk to when you have questions about any of your policies. Whether you want to file a claim on your auto insurance policy, have questions about a life insurance premium or want to tweak your renter’s insurance coverage, you always know where to turn. For those who lead busy lives, saving time may be just as important as saving money.

Get a Discount Just for Bundling

Most insurance companies will give you a discount on all of the policies that you buy just because you bundled them together. The average consumer will see a 10 percent discount through bundling, but you may see a larger or smaller reduction based on your coverage needs and other variables. Your insurance company may offer other discounts that may further reduce your monthly or annual premiums.

Others on Your Policy May Get a Discount Too

If you are the parent of a teen driver, your son or daughter is likely listed on your auto insurance policy. When you receive a discount for bundling your insurance policies, your teen driver will receive a discount as well. Therefore, you are helping your kids save money that could go toward their college funds or make them less reliant on you in general for their financial needs.

Avoid Being Dropped By Your Insurance Company

If you got into a car accident or had to make a homeowners insurance claim, you could see higher rates or lose your coverage altogether. However, this is less likely if you have multiple policies through the same company. While your rates may increase after making a claim, the insurance company may overlook a claim on one policy assuming that you aren’t too much of a risk elsewhere.

Those who have more than one insurance policy benefit from bundling all of them together. By combining your home, life and auto policies, you deal with one company and pay one price each month for coverage. This can make dealing with insurance issues a lot easier, which may help you get the most out of each policy.

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