If you have watched live TV at any point over the last ten years you have probably seen insurance commercials talking about “bundle and save” on your insurance coverage. What does that actually mean?
Homeowner’s/Renter’s and Auto
In many cases you can qualify for discounts if you have your homeowner’s and auto insurance coverage with the same carrier. The discounts apply to both the homeowner’s and the auto insurance policies and can vary in significance based on the insurance carrier. On the same note, with renter’s insurance already being relatively inexpensive, the renter’s and auto discount can make the renter’s insurance virtually free compared to having the renter’s and auto insurance with different carriers.
Although the most popular example of “bundling” is with homeowner’s and auto, with some carriers you can qualify for additional discounts for specialty lines (boat, motorcycle, trailer, umbrella, etc.) Having your homeowner’s, auto, and specialty insurance with the same carrier can add discounts that will apply to each line, ultimately saving you a significant amount of money over having them spread across multiple carriers.
Likewise, you can qualify for another level of discounts when you incorporate life insurance. For most carriers there is a significant discount for having term life insurance, and an even larger discount for permanent life insurance.
When you are discussing your personal insurance portfolio with your insurance advisor, make sure to ask about discounts that you can receive by having your policies with the same carrier. It not only allows for ease when it comes to billing and policy servicing, but as you can see, it can save you substantially.