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Benefits of Bundling Insurance Policies

By May 28, 2021June 17th, 2021Insurance

Benefits of Bundling

Almost everyone has home or renters, auto and life insurance, and combining these policies together can give you a substantial discount.

In fact, almost any type of personal insurance policy can be bundled in order to save on premiums and streamline the claims process.

Here are some of the benefits of bundling your insurance policies:

  • Discounts—Many insurance carriers offer discounts for bundled policies. The exact discount will vary between different insurers, but generally range between 5% and 25%.
  • Convenience—Bundling policies together cuts down on paperwork and makes your coverage easier to manage. And because you only have to work with a single insurance carrier, you can save time by viewing your premiums, renewal dates and other information all in one place.
  • Single deductibles—If a loss applies to more than a single policy, the deductible you pay may apply to all of your coverage. For example, if a severe storm damages your vehicle and your home and you carry both policies with the same provider, you may only have to pay a single deductible.
  • Less chance of dropped coverage—Insurers regularly drop coverage if a policyholder makes a large amount of claims. But, if your policies are bundled together, providers will be less likely to drop you.

Tips for Insurance Buyers

While multipolicy discounts can be tempting, it’s important to remember that bundling policies may not be the cheapest option you have. Here are some extra tips for finding affordable and complete coverage:

  • Ask insurance advisors to provide the prices for both individual and bundled premiums to see how much you’ll save.
  • Contact Camargo Insurance before your renewal date to make sure you’re getting the best balance between your insurance rate and the coverage you need.

 

Call us at 513.561.5311 for help comparing multiple providers and other coverage options.