Unless you are living under a rock, you have likely heard insurance commercials talking about how to bundle and save on your insurance policies. Most Americans have multiple insurance policies that cover things like their home, auto, life, boat, and more. If you have at least two insurance policies currently in place in your life and would like to save both time and money while managing them, bundling just might be the way to go.
Why does bundling save money?
It doesn’t take a lot of business expertise to understand why you can save money when you bundle your insurance. Of course insurance companies want to get as much of your business as possible, so they will offer you better rates if you are going to take one of your policies away from a competitor and bring it to them instead. This is a great opportunity for you to shave dollars off of each month’s bill and clear a little more room in your budget.
Saves time as well
Managing up to three or four policies can be a hassle when they are all spread out over different companies. You will have to pay all of those companies each month. Also, you will need to track down the contact information for your policy if you have a change in your needs or if you have to make a claim. Working closely with one, or maybe two, agents instead of four or five can make your life easier immediately – and who doesn’t want to make life a little easier?
What to look for
Pretty much anyone with multiple insurance policies is a candidate for bundling and saving. The following are some of the most popular bundle discounts offered by many insurance agencies:
- Home and Auto. This is by far the most common, as the majority of people need both a home and auto insurance policy. Start by asking your current company about bundled discounts. If they won’t work with you to lower the rate, start shopping around right away.
- Home, Auto, and Life. If you choose to carry a life insurance policy on yourself, bundling it with the other two policies is likely to get you a great discount. Adding life insurance to your home and auto should be quick and easy, and you will be amazed at how much more affordable it can be.
- Auto and Life. Those who don’t own a home can still take advantage of bundle discounts by combining auto and life insurance policies. Also, if you rent your living space, you may be able to add renters insurance to the package as well.
Always Shop Around
As you should do with any purchase, make sure to shop around before committing to any bundled policy. You want to be sure you are getting the best deal, and you can only be sure by finding out rates from multiple companies. When your kids start driving, add them to the same policy for even more savings. With quotes in hand from several different agencies for all of the various insurance policies you need, a smart decision will be easy to make and you will start saving time and money right away.