You probably need more than one type of insurance, so why not save money when buying multiple policies?
What Is Bundling?
“Bundling” insurance is when you buy two or more insurance policies from the same company and get a discount. You can bundle policies such as auto insurance plus a homeowners, renters, motorcycle, boat or sometimes even a life insurance policy. In some firms you may even be able to bundle more for a one-stop-shop experience!
Is Bundling Worth it?
A bundling discount can be 5% to 25%, and it’s generally one of the better car insurance discounts you can get. The most common bundle is auto insurance plus homeowners insurance. This discount can become bigger depending on how many policies are bundled together. Bundling makes managing your policies easier, reducing the inconvenience of juggling multiple insurance policies with different companies. By purchasing multiple plans through the same provider, it cuts down on paperwork and you don’t have to remember several premium due dates. The amount of your discount will also likely depend on on where you live, your credit rating, your claim history, and various other factors. Homeowners policies are usually more expensive than what you will pay for auto insurance, so a sizable discount on that premium can make bundling even more worthwhile and since you’ll likely get discounts on your secondary policy as well, a discount over 20% can help a lot!
Cons To Policy Bundling?
Bundling insurance can come with its share of drawbacks. Bundling can save you money up front, but it might mean unknowingly signing up for a new policy with lesser coverage that can cost you more out of pocket when it comes time to file a claim. Your auto insurer may encourage you to bundle car and renters insurance, but it could mean canceling a perfectly good renters insurance policy with good rates for a bundled plan that doesn’t match the quality or protection of your original insurance. Before settling into a bundle, check with the experts at Bleiler Insurance to make sure your policy is right for you! Considering how many factors can affect your insurance costs, we’ll do our best to work with you and get you the right amount of coverage for the right price.
