In today’s world, saving money is a priority for everyone. Luckily, there’s a simple and convenient way to achieve this goal, and it’s hiding in a place you probably never thought to look: bundling your insurance coverage.
Maybe you’re already paying for homeowners insurance or renters insurance with one provider, and you make car insurance payments with another and have a life insurance policy with a third. It only makes sense to explore opportunities to save.
Let’s delve into the concept of bundling insurance coverage and explore why it’s such a great idea.
5 Big Benefits of Insurance Coverage Bundling
When you bundle your insurance coverage, you’re essentially consolidating multiple policies — like auto, renter’s, and life insurance — with a single insurer.
With all your policies centralized in one place, you simplify the management process — making it easier for you when the time comes to make a claim and for your insurer to ensure they’re providing you with excellent coverage and customer service.
Here are five big benefits that come with policy bundling:
1 – Bundling is More Convenient
One of the best things about bundling your insurance coverage is the time you save. Dealing with multiple insurance policies from different providers can be a real hassle. Trying to remember when each policy renews, keeping tabs on costs, and figuring out what’s covered can quickly become overwhelming.
But when you bundle your policies, everything gets a whole lot easier. You just have to deal with one provider, and all the important info is right there in one account and on one website.
2 – Bundling Cuts Costs
Americans are all about pinching pennies — and bundling your insurance policies with one insurer is a fantastic way to do just that. Insurance companies often have awesome deals where bundling policies open the doors to multi-product discounts and slashed premiums.
So, whether you bundle your home and auto insurance, mix renter’s insurance with motorcycle coverage, or any other combo, you’re looking at some serious savings. In fact, according to a recent NerdWallet article, multi-policy discounts at some insurers could save you as much as 25%. Forbes is a little more conservative, stating that bundling home and auto policies with the same insurance company can help you shave, on average, $466 a year (about 14%).
3 – Bundling Streamlines The Claims Process
When things go wrong, and you need to file a claim for destroyed or damaged possessions, it’s a lot easier if all your policies are with the same provider. You don’t have to deal with multiple phone numbers, long wait times while on hold, or navigating vastly different websites and confusing claim processes.
Bundling your coverage takes away all that hassle. Having all your policies with one insurer means you can expect a smoother and more efficient claims experience.
4 – Bundling Simplifies Deductibles
Some insurance companies have a neat benefit when you bundle your policies: they apply a single deductible if multiple claims pop up from a single event.
Imagine this scenario: strong winds come through, knocking down a tree that crashes into your home and totals your car. Then while you’re staying in a hotel, someone burgles your place and steals your computer. With bundled coverage, you may only have to pay one deductible for the entire incident instead of dealing with separate deductibles on different policies.
5 – Bundling Demonstrates Loyalty
Insurance companies can choose to say “no thanks” and cancel your coverage if they want to. But when you have all your policies with one insurer, the chances of getting the boot pretty much go away.
By bundling your policies, you show that you’re a loyal and dependable customer, which makes the insurance company more likely to stick with you. It’s all about building a solid relationship and keeping that coverage intact.
Bundling insurance coverage makes sense
By figuring out which coverage fits your needs, location, and lifestyle — and bundling your policies — you can say goodbye to the stress and worry of ensuring you’re fully protected.
The most common ones you can bundle are home insurance, car insurance, renters insurance, life insurance, boat insurance, motorcycle insurance, condo insurance, flood insurance, and umbrella insurance. Just remember to compare the bundled price with what you’d pay for separate policies from different companies.
Now, not every insurance provider offers the same bundling options. That’s where we come in. At Guided Solutions, we’ve helped customers save up to $1200 a year by bundling their home and auto insurance.
Want to see how much we can save you? Let’s start bundling!