Reasons To Bundle With One Insurance Provider
The ‘bundle and save’ phrase is popular among many insurance companies. It promises huge discounts, such as, if you get your home and auto insurance from the same carrier. While it’s often true that getting two or more policies from the same company will translate to discounts, the decision as to whether or not to bundle your insurance should not be made lightly.
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The Case for Bundling Your Auto and Homeowners Insurance
The Bundling Discount
Most insurance companies usually give a 5-25% discount on each policy, should you choose to bundle your insurance. Ultimately, it’s cheaper to bundle as many insurance policies as possible with the same company.
Less Chance Of Being Dropped
Insurance providers can drop you as a customer if they think you’ve become too great a risk. Bundling can make them less likely to drop you in the event of having too many claims or violations as the more policies you bundle with them, the more valuable you are to them. However, it’s not a great idea to rely on this.
You Only Have to Deal With One Agent/One Company (unless it’s a call center)
Handling just one company for all your insurance needs can make your life simpler. While these are good reasons for bundling your auto and home insurance, in some cases, using two separate providers could still be cheaper. This is why it’s critical to shop around for individual quotes and bundled quotes to compare. Although not all policies are the same. The differences in policies are as vast as differences in people. No 2 policies are the same. It’s important to trust that your agent understands your risks and covers you appropriately.
Why Bundling May Not Always Be the Cheaper Option
Even with a 5-15% bundle discount, it’s still possible to pay less if you purchase your homeowners and auto insurance policies from different companies. Say, for example, your situation translates to an expensive auto policy but your house is modest and requires little coverage.
If your provider’s auto insurance is more expensive compared to other local options, then you stand to lose. Even if you are offered an inexpensive homeowners policy, it couldn’t compare to the more substantial savings you would get by breaking the bundle and going for the cheapest auto insurance. That is why it’s worth comparing quotes to see if bundling makes sense for you.
Additionally, bundling policies encourages a ‘purchase it and forget it’ mentality. Renewing every year with the same company could come at a cost if your premiums get more expensive over time. If you stay comfortable and fail to check out competitors’ rates over time.
What You Can Do
Do your homework by comparing quotes. You should always bundle if you find the best combination of policies and coverage in addition to price. A little knowledge about what you’re buying can keep you from turning your bundled policies into a costly mistake.
Nevada Insurance Enrollment Can Help You Reach a Decision
Your home and car are two of the most valuable assets, so getting the best insurance for both is such a convenient relief. Just because your insurance provider offers cheap homeowners insurance doesn’t mean they will offer affordable auto insurance and vice versa. Talk to one of our knowledgeable auto insurance agents to have all your bundling insurance questions answered. We’re here to help find the best insurance policy for you.
Read More: Auto Insurance in Las Vegas, Nevada
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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation. You should consult your policy for exclusions or other language that may alter your policy.