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The Benefits of Bundling

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 | January 17, 2018

One of the easiest and most convenient ways to save money on your insurance policies is by bundling your policies. Whether you want to call it “bundling” or a “multiline discount,” it’s when you buy two or more policies from the same insurance company or agent (which often comes with a discount), like getting both your home and auto insurance from the same provider. There are many advantages of bundling. In fact, a 2012 study by J.D. Power and Associates found that satisfaction with homeowners insurance companies was higher for customers who bundled other policies with their homeowners policy, and satisfaction was highest for those who bundled four or more policies!

Although auto and homeowners insurance are the most commonly bundled products, you can often bundle other types of policies, too. If you need more than one type of insurance policy, you should talk to your insurance agent about bundling – you never know how much you could save!

Advantages of Bundling

The most obvious advantage of bundling is the savings, but there are other benefits to consider when thinking about moving all of your insurance policies under one roof.

The savings are an obvious advantage. Customers who choose to bundle at least three lines of insurance get the best deals, according to insurancequotes.org, and those bundling discounts can be as much as 30 percent on each premium!

Even just two policies can net you some meaningful savings. According to trustedchoice.com, discounts on bundled policies usually range from 10 to 15 percent. For example, if your homeowners and auto insurance add up to $1,800 each year, a 10 percent discount for bundling would save you $180 annually. Not too shabby for two policies you were going to purchase anyway!

In addition to the price cuts that come with multiline discounts, bundling can also save you time by eliminating the hassle of dealing with multiple insurers. Says InsuraMatch agent Seth, “Bundling your policies is not only a great way to save money, but it also reduces the time spent shopping with and dealing with multiple insurance companies or agencies.” 

By going through one company, you’ll get one bill and one insurance representative to go to when you have questions. You won’t have to remember two different agents and online logins, all of your policy information will be in one place. If you’re frantically trying to file a claim, having your insurance in one place may make getting help during that stressful time easier, too.

Another advantage of bundling is that your insurance agent will have more insight into your insurance needs and will be able to advise you accordingly. Says Seth, “Once you’ve quoted everything together, you can talk through all of your options with your insurance agent. When you’ve put all of your insurance needs on the table, your agent will be able to help advise you on what policies and discounts are right for you and your situation.”

By having your policies with the same agent, they’ll be able to look for savings, advise you on additional policies, like umbrella insurance, and help you choose limits that will help cover all of your assets.

Types of Policies You Can Bundle

Most customers who bundle policies purchase homeowners and auto insurance from the same company, according to J.D. Power and Associates. However, depending on your needs and your insurer, there are many different ways you can bundle and save. Renters and auto insurance are a common bundle, as well as home, auto and boat. You may even be able to add life insurance and policies for items like rentersboats, personal watercrafts, ATVs, motorcyclesRVs and umbrella liability coverage to your existing coverage.

Whatever policies you may need, talk with your insurance agent about bundling and whether the combination of products that help protect your assets could lead to a multiline discount.

Things to Consider When Bundling Insurance Policies

Before deciding to purchase your insurance policies from one insurance company, make sure to shop around. Some companies may offer a bigger bundle discount or you may find that you can get a better deal by buying separate policies through different companies, depending on your coverage needs.

Also, consider working with an insurance agent who can help you take full advantage of bundling discounts. An insurance agency, like InsuraMatch, works with many different carriers, so they’ll be able to shop around for discounts from multiple different carriers at once for you.

By working with an agent, you also may not be limited to choosing two policies from the same carrier. You may also qualify for bundling discounts by getting your policies from the same agency, meaning you can choose from all of their carriers, while still saving on multiple policies. The best of both worlds!

Bottom Line

If you need more than one insurance policy, there can be many benefits and advantages to bundling your insurance. With the help of an insurance agent, you can shop multiple carriers and policies at once to see how much you can save – which could be up to 15% on two bundled policies! Our agent Seth says, “Next time you’re shopping for insurance, don’t just get a quote on one product, like home, auto, boat or motorcycle. Get a quote on all of the policies you may need at once, to make sure you’re getting the best rates.”

 


Bundle up and save! Call an InsuraMatch agent at 855-244-7671 now to see how much we can help you save!
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