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.”
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.
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.
How much can bundling save you?
The discount given for bundling policies varies by insurance company.
According to data compiled by Quadrant Information Services, savings from bundling auto and home insurance policies with a single insurance company averaged about 7.7 percent nationwide. Average savings for bundling auto and renters insurance was 4.9 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.
Car insurance companies that bundle
We work with multiple companies that are able to bundle home and auto insurance policies – Travelers, Safeco, and Pekin Insurance to name just a few. Give us a call at 877-529-0077 to hear about quotes from these carriers and more.
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:
- Recreational vehicles
- Umbrella liability coverage