Can Bundling Insurance Save You as Much as ‘They‘ Say It Can?
We’ve all seen the same commercials about bundling insurance policies, like your home and auto, to save – but do the discounts really live up to the hype? You also probably have more than just two things – your home and auto – to insure! What about business owners, RVers, Boat owners, and those of us who rent rather than own our homes?
Well, our insurance team is on it! We have grilled our experts at Lifetime on all things ‘bundling’ and we are here to bring you some clear-cut answers that will hopefully lead you to some real savings and actual peace of mind.
Bundling Insurance FAQs
How Does Bundling Insurance Work?
As you already know, most insurance providers offer multiple lines of coverage, from auto and home to life insurance. Most of these providers also offer a discount on your premium if you choose to purchase multiple policies with that one provider. Commonly referred to as a multi-policy discount, bundling policies together can make a lot of sense, especially if you are happy with your insurance provider.
While most multi-policy discounts commonly focus on bundling your home and auto insurance, there are additional options to explore that can really help you not only save, but ensure you are getting the “most bang for your buck” in coverage. To help break it down for you, we posed some of the most frequently asked questions about bundling to our insurance experts – here is what they had to say:
Q: How big of a discount can I expect by bundling?
A: The exact amount of savings is going to vary by carrier, the number of policies that are together, and overall premium amount. Typically, I see premiums go down a couple hundred dollars per policy term when a client has multiple policies with the same carrier. That can mean a significant amount of savings at the end of the year!
Q: Can I only bundle my home and auto policies?
A: While home and auto bundles usually provide the largest discount, bundling is not limited to just home and auto. The more policies you have with one carrier, the greater the potential savings. I typically see a lot of clients who have their home, auto, and umbrella policies all together.
A few examples of other policies that can be bundled are boats and watercraft, personal articles, motorcycles, and RV policies. If you have any of these, be sure to ask your agent how to maximize your savings.
Q: What if I have multiple vehicles to insure?
A: Having multiple vehicles on one policy is another great way to save. Typically, most carriers will give you a multi-car discount for insuring multiple vehicles on the same policy. Having a multi-vehicle policy is a perfect way to save some money if you have a big family with multiple vehicles or if you are just a car junky!
Q: I’m a renter; can I bundle my renters and auto?
A: This is a great question and one we hear from many renters! And the answer is yes! If you are a renter and looking for ways to save, consider asking your agent if having your renters and auto insurance together will make a difference.
While renter’s policies are typically inexpensive, the bundle can be a huge savings on your auto policy. Furthermore, if you only have a vehicle and are looking to rent, remember to ask your agent if a bundle might be a good option for you to reap the benefits of those extra savings.
Let Us Help You Save a Bundle
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Our National Providers
At Lifetime Insurance Services, we firmly believe in that old adage, “variety is the spice of life”.
With access to multiple providers, we can offer a pool of coverage options as diverse as your needs.
Q: Will bundling always result in savings?
A: Anytime you have multiple policies with one insurance carrier, there is usually a companion discount applied. However, it can depend on the rate of each carrier and your insurance history compared to your prior policy on whether or not there is a savings.
At the very least, by having a bundle it reduces the overall cost and prevents you from paying more than you originally would. Anytime you have a policy up for renewal, it is always a good rule of thumb to reach out to your agent to see what the best options are to protect you and your family.
Q: Is bundling insurance policies complicated?
A: Even though it may seem like a complicated undertaking, bundling policies is easy! Simply give your agent a call and let them know you are interested in exploring your options to bundle your policies under the same carrier. Your agent may have a few questions for you in order to get a bundle quote together.
Once they’ve gathered the necessary information, your agent will run the bundle quote and be able to walk you through the potential savings! Don’t hesitate to ask if you think you might be eligible for bundling.
Q: How do I know if bundling my policies is the right decision for me?
A: Everyone is familiar with the pushy sales agent and insurance is no exception to the stereotype – but not our agents! At Lifetime, our clients have access to experienced insurance advisors who are well versed in the industry. We are genuinely vested in and passionate about helping you build the right coverage for your needs at the right price.
When looking for someone to protect your family and personal assets, it is important to have an advisor who is knowledgeable and willing to put your best interest first. The insurance advisors at Lifetime create a personal plan that is designed for you, specifically. Our goal is to help clients identify the best insurance plan for them. Give us a call today or submit a request via our website!
Go Beyond Just Bundling Insurance
Whether it’s your home and vehicles or your commercial property and business, our insurance experts can help you build the coverage you need to protect what matters most.
If you feel like you may have some holes in your coverage or simply cannot remember the last time you shopped your insurance policies (helpful hint: we recommend shopping annually!), then now is a great time to let our team help you! Give us a call at (972) 771-2622 or visit our website to set up an appointment with one of our agents.