How to Save on Car and Home Insurance by Bundling

If you have separate car and home insurance policies, bundling them through one insurance company could save you a significant amount of money per year. Additionally, utilizing one insurance company to group insurance policies together makes it simple and fast to update your policies in the event of personal changes, like marital status. Having one agent to call as opposed to multiple contacts further simplifies the process and frees up your time to concentrate on other things in life. Saving money by bundling home and family car insurance policies seems easy to do, as there are many online brokers offering instant quotes, as well as popular advertisements for nationwide companies touting the benefits of bundling with them. Before venturing out to the Internet, follow the steps outlined below to aid in the process of getting the best savings by bundling.

Step One: Review Existing Policies

Knowing what coverage you have will help prepare you for informed decision-making about bundling your policies under one company. Locate your files, find the breakdown of coverage for each of the types of insurance you have so that when you comparison shop, the details of your current coverage are at your fingertips. Upon reviewing your policies, you may find that you need to adjust your coverage due to life changes. Make note of any questions you may have about your current coverage for reference later on.

Step Two: Contact Insurance Agent

Call your existing auto insurance agent and inquire about available discounts for carrying multiple policies with them. Typically, an average savings of about 10-15 percent can be realized annually, depending on the types of coverage and the number of policies. Consider your current policies with other companies, inquire about adding those types of coverage to your account, and note what the discounts would be for your existing coverage. Repeat this process with other insurers you have policies through to give you a good base for comparing available discounts.

Step Three: Inquire About Adding Policies

If you don't own your home, consider carrying renters insurance if you don't already have it. Bundling a renters insurance policy with your auto insurance should net you a discount. Likewise, if you don't have life insurance, ask your agent about available policies. Including a life insurance policy to your bundle, like the renters insurance, should make you eligible for an additional discount.

Step Four: Get Quotes

Get quotes from your existing insurers as well as a few other companies for bundles. In general, the company you have the longest history with or have the most policies under will typically have more attractive discounts and better quotes. Request quotes from a couple of insurance brokers online to further compare your options. Often, you can use this information to your advantage by bringing any lower quotes to your existing auto insurer and seeing if they could match competitor quotes.

Bundling is a great way to take advantage of deep discounts offered by insurance companies. Taking some time to examine your existing policies and what they cover, and talking to agents about bundling your policies through them, can save you hundreds each year.