With the festivities and massive spending sprees of the holidays along with the end of the year coming, American consumers are looking for ways to cut costs. Inflation is now beginning to ease gradually, but a quick look at “what is coming in” vs what is going out leads many to take a close look at what home and auto insurance policies are eating out of your budget. Bundling Policies is an excellent way to take advantage of a discount and alleviate your costs without scaling back on important coverage.
What Exactly is an Insurance Bundle?
Bundling is combining multiple insurance policies from the same provider into one single and useful package. Doing this can simplify the management of your policy, as taking care of your needs can provide you with one convenient point of contact to keep you informed and assist with both policies. Multi Policy discounts can save you as much as 25%, freeing up money for your many other expenses. This also provides a sense of security, since bundling policies can make it less likely you will be dropped due to new tickets or claims.
Is Bundling Home and Auto Insurance Right for Me?
Even though this practice can save you money, in some cases you should decide if bundling is a sensible choice for your lifestyle. To make your decision, you can compare the quotes for separate home and auto policies to what bundling offers. If your home insurance policy has been costing you more than your auto, this is an indicator that you may get a steep discount. If you are unfortunate enough to have some violations in the past or struggled to keep a good credit rating, your auto insurance could be the pricier of the two.
How to Enjoy Significant Savings While Bundling Policies:
Here are some tips to help you maximize your savings and enjoy the convenience of bundling policies:
- Review Your Policies: No matter how well you feel things are going, it’s best to review your insurance coverage periodically to ensure that you are not paying for coverage that is no longer needed. One example of this would be an endorsement for an expensive set of golf clubs you no longer own.
- Always Search for Additional Discounts: If you have accrued positive changes to your credit score or had other significant life events occur, you could qualify for lower rates. If you have recently upgraded safety or security equipment in the home, these changes can earn you a discount.
- Take the Time to Comparison Shop: This decision is very important to ensure you can cover the deductible amount in case a claim is filed. If you can do a very thorough investigation, you may be able to find the appropriate coverage at a lower price with a carrier that has a long-standing reputation for reliability.
- Think About Increasing Your Deductible: If the need to file a claim arises, it’s important to guarantee that you can pay it to speed up the process and ensure proper coverage. If your provider combines deductibles for bundled policies, securing a higher deductible could be beneficial.
Desperately Seeking Modern Solutions:
Generation Y are those born between 1977 and 1994, and they are currently the least likely to bundle homeowners and car insurance. Ironically, they are still the most prominent group in the home-buying market as well. If you are in this demographic and you are still working with separate insurance companies, it could be a good time to do some comparison shopping. Some Gen Y consumers think that “unbundling” their policies could yield them a better rate, as more than 50 percent of them are actively seeking better coverage.
You may experience an event such as a violent storm that could damage both your residence and vehicle. If you were to only have coverage for one of the two, your finances could be under direct fire from assuming the total cost of damage suffered by the other. It is a great feeling to be certain that you have a solid relationship with just one insurance company, as this relationship dictates your effectiveness of coverage during an incredibly trying time. While bundling is absolutely a commitment, it’s essential to understand every detail of your package, to ensure you are obtaining the most value minus any unseen pitfalls.
The Power of Comprehensive Protections
Your vehicle and your place of residence are two elements of your life that are vital for your ability to thrive and feel secure. At Alexander Insurance, we can provide empathetic guidance for these necessities of modern family life. Secure your peace of mind both on the road and at home, while making informed decisions backed by industry-leading expertise. After bundling and feeling comfortable with unified protection, you can be confident that you are always making informed decisions based on extensive knowledge. We are staffed with local experts, and are eager to provide your future and present home and auto protection!