So, how do I get homeowners and auto insurance bundle quotes? Property and a vehicle are the most expensive purchases people will ever make. And why not, right? Whether we live in it or rent it out for extra income, a home will hopefully increase in value over time. Although its value depreciates over time, a vehicle can be a need (instead of a luxury) for some. This depends on where they live. Along with planning on making these purchases comes the question of how to protect these acquisitions. So that if untoward incidents such as theft or accidents happen, we are not left with the problem of having to cover the entire cost of replacement or repair.
Choosing the right insurance is as important as choosing the right location for your home. And even the correct type of vehicle for your lifestyle. The first step to getting the best insurance to cover your needs at the least possible cost would be to get a quote from three or more companies. This is to compare their rates and the coverage that will be provided. However, remember that less expensive is not automatically better, just as more expensive does not always mean more coverage. Now, let’s talk about the information you must provide when getting a quote for your auto and home insurance. We will also discuss what you can do to get the best value for your money.
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What information would I need to provide to get an auto insurance quote?
You will need details of every vehicle you need to insure to provide the identification number for your vehicle and its make and model.
If the vehicle is brand new or you’ll purchase insurance for the first time, you can talk about what coverage you want and your budget. If there is an existing insurance policy for the vehicle, then the ‘declarations page’ of the current policy would have the current limits and your policy coverage.
The names of the drivers are to be covered by the policy.
- Personal information–such as dates of birth, driver’s license numbers, and Social Security numbers–of the family members whose names will be included in the policy.
- The driving history of those who the policy will cover will include an overview of past auto accidents or tickets incurred.
- Details about income and assets (i.e., whether you own or rent your home or how many properties you have) will also be relevant in choosing reasonable liability coverage limits.
Several factors will determine the cost of your insurance policy. Among others, the type of coverage and the limits and deductibles for each will play an important role.
- Personal information – Typical information for identification purposes, such as your date of birth and Social Security number. Your agent may also inquire about your income to gauge your capacity to pay. Or how much insurance you can afford.
- Details about the occupants – Questions like who and how many live in the house will arise. This includes what types of pets there are, if any.
- Insurance history – If you’ve already insured your home in the past, providing the details about your previous homeowners’ insurance, including any history of claims, will be necessary.
- Details about your home – These will include the type of home you have, when it was built, the floor area, the number of bedrooms/bathrooms, whether you have a garage or not, how many fireplaces you have, and even the type of your roof you have and when it was installed (if it has been replaced).
What else do you need to know?
- Home improvement/repairs/amenities – Let the insurance company know if you’ve changed your home from when you bought it. For example, have you installed a new roof? Have you added a bedroom/bathroom or maybe even a swimming pool? Have you installed a heating/air conditioning system or recently had major work done on the plumbing?
- Home safety and security – It will also matter whether or not you have a sprinkler system or a burglar alarm system installed. Having safety or security devices installed to help prevent. Or minimize loss/damages due to fire and theft might mean discounts as these reduce risks.
Having all this information available when you get your quote will help the agent. Or the insurance company will give you a more accurate estimate. So, it is best to prepare to save time and avoid requesting a quote a second time from the same company. You also need to gather all the relevant information. If you must, reach out to your agent and request a checklist if they can provide one.
Will getting my homeowners and auto insurance bundle quotes from the same company mean savings?
Insurance companies may offer auto and home insurance bundles with discounts of up to around 25%. Generally, this will mean you get to save. However, this is not always the case.
Remember that getting a discount does not always mean getting the best deal in the market. This is just like going to a general store for all your needs and getting a 5% discount on the total amount of your purchase. This is compared to specialty stores where specific items might be more than 10% cheaper because the store purchases in bulk and can afford lower prices. At the end of the day, it shouldn’t matter whether you go with bundling. And, whether you’re given a 40% discount. What matters is that, given the same coverage, the total amount you will pay for your auto and home insurance is the best “deal” in terms of dollar value.
Let’s take 3 different companies, for example. Company A’s home insurance will cost you $1500. And the auto insurance will cost you another $1500. But they are willing to give you a 10% discount if you get both from them, which means the bundled amount will cost you $2700. Company B does not offer auto insurance, but their home insurance will only cost you $1200.
Similarly, Company C only offers auto insurance, which will cost you $1400. In this scenario, if you get your home insurance from Company B and auto insurance from Company C, you’d need to pay only $2600. However, if Company A gives you a 15% discount for the bundle, the price drops to $2550. This is now becoming the better deal. Aside from the amount you save, there are a few things you’d need to consider when bundling your auto and home insurance.
The Pros and Cons of Homeowners and Auto Insurance Bundle Quotes
An agent can review your auto and home insurance in one sitting.
If managing your insurance policies online is available, you might also be able to manage them in just one portal.
If you make claims on your auto insurance or get tickets in the future, there is less chance that the insurance company will drop you the following year.
People tend to think that bundles are always cheaper, and this mentality discourages shopping around for better deals.
It’s easier to eventually end up overpaying when insurance companies implement incremental increases to the rates over time.
Some auto insurance companies would offer a “bundled” policy. Still, they would just set you up with another insurance company for your home insurance, which means you won’t have the opportunity to shop around for your homeowners’ insurance.
Tips on getting the best homeowners and auto insurance bundle quotes
- Get several quotes that you can compare. You can do this online or with an agent.
- Consulting an independent insurance broker or agent can save you much time. They can get you the prices from different companies. This is most convenient because you only speak to your agent, who gets quotes. Plus, they know which companies offer the best rates for which type of insurance; and which companies are most efficient in processing claims.
- If you get quotes for bundles, check if both insurance policies (auto and homeowners) are covered under just one company–especially if you’re after the convenience of having to check just one account when you go online. At the same time, bundling with a third party does not assure you that that other company offers the best rates in the market.
- Get quotes regularly. We often do diligent research about prices the first time we buy insurance, then forget about it. But if we check the prices and compare quotes every year or once every two years, we don’t end up overpaying unknowingly.
- Hard-earned money goes to insurance payments. Nobody wants to pay more than necessary, regardless of the size of one’s income. Of course, this doesn’t mean you always have to go with the lowest prices. Equally important are the company’s stability and credibility. Look into the insurance company’s rating, and check for feedback; you’d want to ensure no issues when you make a claim.
Call your insurance agent now at Team AIS in Denver, CO, or we’ll help you get sorted out!