When looking to save money on your home or auto insurance, bundling your policies can be a good option. Combining these two essential forms of coverage under a single insurance provider has become a popular option for many policyholders and can offer you potential cost savings, convenience, and streamlined policy management. In this article, we list tips to help you decide if bundling car and home insurance policies is right for you and explore how to find the coverage you need.
Five Tips to Determine if Bundling Home and Auto Insurance is Right For You
Bundling home and auto insurance can be an effective strategy for reducing the cost of your premiums and finding reliable coverage. Here are five essential tips to help you assess if bundling your policies is the right decision for you:
1. Evaluate Each Policy
Not only is it important to focus on the price, but it’s crucial to compare the coverage and values of each policy, whether it’s standalone or bundled. Taking the time to compare companies, coverages, and prices can help you find the best deal for both your needs and budget. Consider the reputation and financial stability of the insurance provider. Research customer reviews, ratings, and the provider's claims handling process.
2. Consider Deductibles and Premiums
In addition to discounts from bundling, you want to take into consideration the cost of your premiums. Bundling policies with one company can build loyalty and trust, but you’ll want to continue shopping around to ensure you’re getting the best price available to you, whether you’re deciding on individual policies or bundling.
3. Ensure Your Insurance Company Covers Both Policies
Sometimes insurance companies offer bundles that pair your policies with an affiliate company, so although it may give you a discount, it can reduce the convenience of having both of your policies under one company.
4. Understand Policy Limitations
The immediate savings from bundling your home and auto insurance can be ideal. However, you’ll want to ensure you’re still receiving quality coverage at a fair price over time. Ensure that bundling your home and auto insurance does not limit your ability to tailor coverage to your specific requirements. Assess whether the bundled policy allows for adjustments in coverage limits, deductibles, and the inclusion of additional protections, as this flexibility is essential for meeting your unique insurance needs.
5. Shop Around
One of the primary reasons policyholders decide to bundle home and auto insurance is the potential for cost savings. Research and compare the bundle discounts offered by different insurance providers. Evaluate the discounts in relation to the premiums you would pay for separate policies. In some cases, the combined cost of bundled insurance may be lower than what you would pay for separate policies, helping you save time and money. For extra assistance, compare rates with an unbiased insurance brokerage, like SelectQuote, so you can make an informed decision about your policies.
Pros and Cons of Bundling Home and Auto Insurance
More often than not, you’ll save money by bundling your car insurance and home insurance. Bundling also makes managing your policies easier, reducing the inconvenience of having to work with more than one insurance company to adjust or make changes. Here’s an overview of the additional benefits of bundling your coverage:
Convenience: Managing a single policy for both home and auto insurance simplifies the administrative process. With one policy, there's only one bill to pay and one point of contact for any inquiries or claims.
Potential for Additional Discounts: Besides the bundled discount, some insurance companies offer further incentives, such as loyalty discounts or additional savings when bundling other types of insurance, like umbrella policies or life insurance.
Simplified Claims Process: Bundling home and auto insurance with the same provider can streamline the claims process, as you'll only need to deal with one insurer in the event of a claim involving both your home and vehicle.
Improved Coverage Options: Some insurance companies offer enhanced coverage options or unique endorsements specifically for bundled policies, providing an opportunity to access comprehensive protection for both your home and auto.
While you often save money bundling your insurance policies, the setback of bundling your policies is that solely focusing on the price could potentially leave you lacking in coverage. This means it’s crucial to pay attention to your coverage and evaluate it on a regular basis to avoid creeping rates.
SelectQuote Can Help You Find the Best Home and Auto Bundle
At SelectQuote, we make it easy to find the home and auto insurance you need. If you decide to bundle your policies, our licensed insurance agents will walk you through the process and help you find an option that suits your coverage needs and budget. In just minutes, we’ll provide you with unbiased quotes from several of the nation’s most trusted carriers, taking the hassle out of finding the right coverage.
