4 Benefits of Bundling your Home and Auto Insurance

Since we often purchase homes, vehicles, and other property at different times, we also tend to accumulate separate insurance policies (often with different companies and/or brokers). Not only can this be inconvenient, but it can also be difficult to remember what is insured where and with whom. Bundling your policies under one provider could help avoid these challenges!

What does it mean to “bundle” your insurance?

Bundling your insurance simply means instead of using various insurance companies for different needs, you combine everything together under one insurance provider.

For example, if you purchase an insurance policy for your home, car, and motorcycle from one insurance company instead of mixing your various policies between providers, you would be bundling your insurance policies.

Everyone’s situation is unique and requires their own specific combination of coverage. Policy bundles are flexible and can easily be amended.

• Multi-line:

Insure your home, car, motorcycle, or recreational vehicle.

• Multi-vehicle:

Insure two or more vehicles on the same policy for a multi-vehicle discount.

• Automobile & Motorcycle:

Bundling your car and motorcycle can get you a lower rate.

• Travel Coverage:

This is often more affordable as part of a bundled package.

4 Benefits of Bundling Your Insurance Policies:

1. Bundling your coverage could get you a better rate: Saving money is usually the main reason to bundle your insurance policies. You could also end up paying less for any of the extras you add to your policy. Bundling could provide you with the greatest overall value and get your savings started right away.
2. It could make things more manageable with unavoidable paperwork and bills. By bundling your insurance policies (with most insurers), you will have the convenience of having one set of paperwork and one renewal date. You will get one package in the mail showing your payment schedule for all premiums owing.
3. It could make a claim more manageable with one phone call. Some insurance providers only charge one deductible in the event both your property and auto are impacted by a loss. For example, if there was a significant hailstorm that caused damage to both your home and car at the same time.
4. It could make it easier to identify gaps in coverage: Having all of your insurance policies with the same insurance company makes it easier to keep track of what you have insured, and to identify any possible gaps or missing coverage.

Things you should consider before bundling:

• There is no guarantee that you would get the best pricing. Bundling doesn’t always mean the bundled price you would pay with one provider would cost less than having two separate polices with two different insurance companies.
• Everyone’s situation is different. You may have prior claims or you may have a ticket or two on your record. As your broker, our priority would be to look for an insurance company that works with your specific needs, not just one that offers bundling discounts.

What is the average combined home and auto insurance premium?

Defining the average insurance cost for a home and auto policy is difficult, as there are many factors to consider. These include the property location, type of vehicle, claims and driving history, property and vehicle usage, eligible discounts, and more.

Before deciding on whether or not you should bundle your insurance, ask your Insurance Broker to compare the total price of the two most cost-effective individual policies to the price of the most cost-effective bundled one. When doing so, make sure that they are comparing policies that provide similar limits and types of coverage.

Owning assets such as a home and car warrant purchasing an insurance policy.  You may want to consider getting a quote to bundle them together to see if it can help reduce your insurance premiums, especially if you also have other assets insured such as motorcycle, trailers, ATV, watercraft, or a travel insurance policy.  Contact us today to learn more about how bundling your insurance policies could benefit you!

Thank you,

The Costen Insurance Team