All of the big insurance carriers often run ads about bundling insurance types. The message is usually carried through with “save tons of money when you bundle!” but they leave the message fairly open. What types of insurance are bundled? How much do you actually save? These are the typical questions consumers are thinking when they hear or see these ads.
So, what is bundling insurance?
Home & Auto
According to Steve Thill with AIC Insurance in Bend, Oregon, the two most common types of insurance that get bundled are home and auto. If you own a home, there’s a good chance that you also own a vehicle and you need to insure both.
Large carriers like Traveler’s Insurance or Geico can offer bundled savings when customers choose to group their policies. This is because they save more money in the long run and can pass the savings onto you, the end customer.
Mobile Home Policies
Some insurance carriers will also offer manufactured home policies too. This type of policy is typically offered for mobile homes and a few different types of dwellings. When bundled with an auto insurance policy, the end customer will see a ton of savings.
What About Life Insurance?
People often think of bundling a life insurance policy with another type of insurance, be it home or auto or something else. However, a typical life insurance policy has different coverage compared to other policies. This is why you’ll often have a life insurance policy separate of any other type of insurance you have. Take a look at this helpful article from Midweek to understand a little more about life insurance policies.
Don’t Forget Health Insurance
Some select carriers may also offer policies that cover home, auto and health. If these types of policies are available in your area, it’s advised to take advantage of them as its the best way to save. Although health insurance is vastly different from a homeowner’s policy, insurance agents can offer all of them at a bundled rate. What’s most important is to not settle for a health insurance policy just because of the price.
How Can You Find the Best Rates?
If you’re interested in bundling insurance policies to try to save, you have a few options ahead of you.
Contact Your Insurance Broker
Start by asking questions to your insurance broker. They are responsible for finding you the best rates and should keep a close eye on bundled rates as well. Insurance rates change frequently and they should be telling you what you can save. Give your broker a call and ask what you could be saving.
Major insurance companies often post rates as part of a marketing strategy. For the end customer, this gives you a good idea of what you could potentially save. Large insurance websites may even have a chat functionality that will allow you to ask a professional questions right away.
Go To Your Local Insurance Office
If you still have questions and you’re just not sure what you can do to bundle different insurance types and save, head down to your local insurance broker’s office. Whether you’re with Geico, State Farm, Farmer’s or Progressive, they should have a local satellite office you can visit to get your questions answered.
If you just recently bundled insurance policies, let us know how the process went and if you’re happy with your savings.