Should you bundle your policies
Insurance Bundling Yes or No
Most insurance providers offer more than one type of insurance. Everything from home insurance to car, motorcycle, life, and boat insurance. In most cases bundling your insurance makes financial sense. After all, every homeowner requires home insurance, while every driver will need to purchase car insurance.
One of the best ways to save money on your insurance is to simply bundle policies together. By carrying multiple policies, rather than just one, you can save yourself time and save money on already competitive rates.
Common Insurance Mistake
When you first look at purchasing insurance, you typically just use the same provider as your parents or go with the one recommended by your real estate agent. You probably don’t put a great deal of thought into it, besides maybe shopping around for a cheaper deal.
However, there are much easier and more affordable ways to purchase your insurance policies. Rather than ending up with a hodgepodge of insurance carriers, you can bundle your policies with the same provider.
Having everything in one place means you won’ have to pay separate bills each month and possibly overpay for your combined insurance premiums. If you want to find out more about the benefits of bundling your home and car insurance, then read on.
How does it save you Money?
Bundling your insurance policies is often the easiest way to get the coverage you need at an affordable price. While many customers simply shop around for the cheapest insurance policies, they often don’t realize the benefits of purchasing their policies from the same provider.
In exchange for carrying multiple policies with the same company, you can often receive customer discounts known as multiline discounts. Customers often ask what benefits this provides for the insurance company. The answer to that is quite simple.
Providers always want to offer customers a high level of satisfaction. Previous studies suggest that people who purchase home and auto coverage from the same company are substantially more content.
Insurance companies don’t want clients that just came to them for a cheaper policy and then leave them a short while later for the next deal. Having loyal customers that stay with the company for years is far more preferable and offers benefits for the provider and customer alike.
What Other Benefits Does it Offer?
Having all of your insurance policies in one place makes it much easier to manage them. You can easily keep track of your claims, quickly pay your bill and update your policies at the same time if you undergo a life change that the insurance company should know about.
As a customer, you have to deal with less paperwork and enjoy a more simplified policy management. When it comes to renewing the policy, you only have to keep track of one date and when you have to make a claim you deal with the same provider each time.
If a natural disaster takes place in your area that causes damage to both your home and car, then you only have to worry about phoning up one provider. This can save a home and car owner a great deal of time and hassle.
Not only that, but you could also benefit from only having to pay one deductible on a claim that would have otherwise involved multiple companies. Of course, this depends on the type of bundle you have and whether or not it comes with a single deductible requirement.
Simply put, bundling your insurance policies is much more convenient and economical. If you already have a home policy and are buying a car, then be sure to ask for auto quotes. The same advice goes if you are a car owner looking to purchase a home.