All your insurance policies are designed to protect you financially, but did you know that keeping your coverage with the same provider can provide you with an additional bundled discount?
Benefits of Bundling Insurance Policies
Most personal insurance policies can be bundled to save on premiums and streamline the claims process. Almost everyone has home or renters, auto, and life insurance; combining these policies can give you a substantial discount. Here are some benefits of bundling your insurance policies:
Many insurance carriers offer discounts for bundled policies. The discount will vary between insurers but generally between 5% and 25%.
Bundling policies together reduces paperwork and make your coverage easier to manage. And because you only have to work with a single insurance carrier, you can save time by viewing your premiums, renewal dates, and other information all in one place.
If a loss applies to more than a single policy, the deductible you pay may apply to all your coverage. For example, if a severe storm damages your vehicle and home and you carry both policies with the same provider, you may only have to pay a single deductible.
Less chance of dropped coverage
Insurers regularly drop coverage if a policyholder makes numerous claims. But, if your policies are bundled together, providers will be less likely to drop you. When to Avoid Bundling Bundling does have many benefits, but in some cases, it’s best to keep your policies separate. Here are some situations where it may be better to avoid bundling.
When premiums increase
Bundling your policies can make it challenging to shop for new policies. However, you may find better rates by comparing different insurers occasionally.
Tips for Insurance Buyers
While multipolicy discounts can be tempting, it’s essential to
remember that bundling policies may not always be your cheapest option.
Here are some extra tips for finding affordable and complete coverage:
- Ask insurance providers to provide individual and bundled premium prices to see how much you’ll save.
- Contact Advantage Insurance Solutions before your renewal date to ensure you get the best balance between your insurance rate and your needed coverage.
- Call us at 877-658-2472 to help answer questions, get free quotes, and compare multiple providers and other coverage options. Speak to one of our licensed professionals today. We do the shopping, so you don’t have to.