Is it time to review your home or auto insurance? If you are shopping for one, do not make the mistake of ignoring the other. Purchasing your car and home insurance from the same carrier could yield some impressive benefits. Continue reading to learn five important facts about combining all of your insurance needs with the same company.
You Can Save up to 15% or More by Bundling
All other benefits aside, insurance savings are what capture most customers’ attention when bundling car and home insurance. Here at Smith Insurance and Financial Group, we have watched first hand as our customers have saved hundreds of dollars on car and home insurance simply by purchasing both policies from the same provider.
On average, Wisconsin drivers paid $621 for auto insurance in 2013 and $631 for homeowners insurance in 2012. According to the Insurance Information Institute, combining policies under one provider could save 5 to 15-percent on premiums. That means that the average household insuring a home and two vehicles could save as much as $280 every year by bundling their policies.
You Can Pay Just One Premium
If you have multiple insurance policies spread across several different companies, your mailbox is probably always full of bills with different due dates. When you bundle your insurance with the same company, you can consolidate your bills into a combined premium and single due date.
You Can Bundle Many Types of Insurance – Not Just Home and Auto
Most people have a vehicle and a residence that needs to be insured. This may be in the form of car or motorcycle insurance, or homeowners, renters or condo insurance. However, some insurance companies will allow you to add more lines of coverage for other assets for additional savings. Depending on the carrier, you may qualify for added savings and benefits when you also insure your boat, RV, ATV, small business, investment properties, vacation property and more through the same company.
Package Insurance Qualify You for Higher Coverage Limits
This is a little-known and often overlooked benefit offered by many insurance companies. If you have accumulated a lot of assets, have a high net worth, or are nearing retirement age, you may need more liability and loss protection than your insurance company is willing to provide. When you combine all of your coverage into a single insurance package, however, your insurer can better evaluate your risk exposure and may be able to offer you higher levels of protection.
Bundling May Not be Right for Everyone
Despite the benefits of purchasing car and home insurance from the same insurance company, bundling may not be right for you. It is important to work with an independent agent to compare rates from multiple insurance companies when shopping for coverage. It may be that one insurer offers you a 15-percent discount on auto insurance when you purchase your homeowners from them, too. A second insurer may provide you with a much lower quote on auto coverage alone with savings that negate the first company’s bundling discount.
If you have questions, we’re more than happy to talk to you and answer any questions you might have. Give us a call or email us today!