Need to insure both your home and vehicle? A convenient way to save on both your home and auto insurance policies is to buy both from the same company, a strategy known as “bundling.”
Call Insurance.com at 855-430-7751 and let one of our licensed agents help you find the home and auto insurance quotes that best fit your needs.
According to the J.D. Power and Associates U.S. National Auto Insurance Study, 58 percent of consumers bundle their auto and home insurance policies.
While bundling your auto policy can give you a discount, it’s not always the best choice. You may be able to get lower auto and home rates by buying policies with two separate insurance companies.
To find out if bundling is right for you, compare car insurance rates with and without bundling.
What is bundling?
Bundling isn’t complicated. It simply means buying two or more insurance policies — such as your homeowners and car insurance — through the same insurance company. Savings come in the form of a discount, usually applied to both policies, under the label “multi-policy discount” on your policy declarations page.
Bundling has other advantages besides cheaper insurance:
- You deal with only one insurance company.
- You may be able to manage your policies online at the same place or through the same agent.
- It’s easier to identify gaps in your coverage.
- Depending on the company, you may be able to align the renewal periods and effective dates of both policies or combine your billing statements.
There may be other perks as well, depending on the company and state you live in.
For example, Safeco offers some customers who bundle a single-loss deductible. That means, if your car is damaged in the same even that damages your home, such as a fire, your auto deductible is waived after your homeowners deductible has been paid.
The discount given for bundling policies varies drastically by insurance company.
According to data compiled by Quadrant Information Services for Insurance.com, savings from bundling auto and home insurance policies with a single insurance company averaged about 8 percent nationwide for car insurance. Average auto insurance savings for bundling auto and renters insurance was 4.9 percent, for bundling with a life policy, the auto savings was 1.6 percent.
And that is just your auto insurance discount.
Many insurance companies throw in a discount for the other insurance policy you’re bundling with your auto policy. For example, Travelers showcases discounts of up to 13 percent off of your auto policy and up to 15 percent off of your home insurance when you bundle the coverages. On average nationwide, the homeowners insurance discount savings by bundling with auto is 20 percent.
Why such a big break for multiple policies? It’s not just that insurance companies can make a profit off two policies. Customers who bundle are also seen as more likely to renew, and homeowners file fewer claims on their auto insurance policies.
Car insurance companies that bundle
We work with multiple companies that are able to bundle home and auto insurance policies – Progressive, Safeco, and The Hartford to name just a few. Give Insurance.com a call at 855-430-7751 to hear about quotes from these carriers and more.
What information do you need to bundle your policies?
To get a quote and buy an auto insurance policy, either online, over the phone or in person, you will need:
- Vehicle identification number(s) for vehicle(s)
- Lienholder information (if applicable)
- Driver’s license number(s) for driver(s)
- Credit/debit card for down payment
To obtain a homeowners quote, it will be helpful if you have your current homeowners policy handy so the agent can try to match coverage. You’ll also need to answer questions specific to your home, such as:
- Value of your home
- Year home was built
- Square footage
To purchase a homeowners policy, the agent will need information on:
- Your mortgage company
- Your loan number
- Escrow account (if applicable)
You can bundle more than home and auto
Multi-policy discounts can also apply to other types of insurance policies that you buy from the same insurance company. Depending upon the insurer, you may also be able bundle these types of insurance policies:
Many auto insurance companies do not write homeowners insurance, but some may align themselves with a home insurer to offer a discount. Ask you agent or customer service representative.