Understanding multiple types of insurance can be a daunting task, especially when you’re dealing with multiple insurers. What if you could simplify this process and also save money?
Fortunately, you can!
In a strategy known as bundling insurance, you receive multiple types of coverage from one insurance company, streamlining the way you handle insurance. What’s more, bundling may also yield insurance discounts.
In this article, we delve into the numerous benefits of bundling insurance policies, to help you decide whether it’s the right fit for you.
What Is “Bundling Insurance”?
Like many common insurance terms, “bundling” isn’t always immediately obvious.
Formally known as a multi line insurance policy, bundling your insurance simply refers to purchasing multiple types of insurance coverage from a single insurance company.
This typically refers to bundling home and auto insurance, although other policies can be bundled too. For example, motorcycle, boat, RV, and sometimes even life insurance coverage can be bundled with your home or auto policy.
The Benefits of Bundling Insurance
One big reason to take advantage of bundling? The savings.
Many insurers offer a bundle discount (also known as a multi-line or multi-policy discount) as an incentive for policyholders. The actual savings will vary depending on the insurance company, the policies being bundled, and your location.
Another benefit to bundling your insurance is that dealing with a single insurance carrier is much more convenient.
Rather than making multiple payments to different companies, you get the simplicity of paying one invoice. And in the event that you have questions about coverage or you need to file a claim that affects multiple policies (such as a hurricane that damages your roof and your car), you only need to call one phone number.
Are There Any Downsides To Bundling Insurance?
The one thing to be aware of is that savings aren’t guaranteed. Just because you are getting a bundle discount doesn’t mean that you are getting the most affordable insurance policy on the market.
For example, one company may offer a 12% discount for auto and homeowners insurance that ends up costing you $500/month, while another company may offer a 5% discount for the same coverage at $475/month.
Additionally, there are many more things to consider other than price when purchasing insurance coverage.
You should also look into how the insurance company deals with claims, customer service, and any other discounts they might offer.
How To Get the Best Insurance Bundle
The best way to get great coverage is shopping around for insurance quotes. However, this process can take up a lot of your time.
The solution? Work with an independent insurance agent!
Because they aren’t tied to a single carrier, independent agents are able to gather quotes from multiple carriers and present you with a variety of options that have been carefully selected to match your budget, risk profile, and needs.
And what’s more, all of this comes at no cost to you.
Want to Save a Bundle?
If you’re looking to save on insurance premiums, bundling your insurance could be the option for you.
Purchasing multiple policies from a single carrier can help you simplify and streamline your insurance while also yielding significant savings on your premiums.
While savings vary from carrier to carrier, you can find great coverage at a price that fits your needs by working with an independent insurance agent like Darr Schackow Insurance.
Since 1992, DSI has been providing clients with unparalleled customer service and a carefully curated selection of policies from trusted insurance carriers. Visit one of our many convenient locations or visit our website to request a quote.