Insurance Bundling Guide: How to Maximize Value Through Bundles
Auto, life, home or renters — these are only a few of the different types of insurance policies you’ll need to make sure your most valued assets are covered when things go wrong. With so many different aspects of our lives to protect, all those premiums can start to add up. And if you have individual policies with a variety of different insurance companies, keeping them all in order can be a challenge.
What if we told you there was a better way to manage your growing roster of insurance coverages? With insurance bundling, you can consolidate all of your policies under one company and save money at the same time.
If you’re interested in bundling your insurance policies, you’ve come to the right place. Read on to learn more about this popular money-saving technique and discover all of its accompanying benefits.
Insurance Bundling Explained
Insurance bundling, or purchasing two or more types of coverage (such as homeowners and auto) from the same company, is a promotional technique used by insurers to increase business. However, this practice isn’t only beneficial to insurance providers; by bundling insurance policies, customers can save a significant amount on their premiums — up to 25% in some cases.
Something to keep in mind: Some companies may talk about bundling using different terms. If you see “multi-policy discount” or “multi-line discount” mentioned as you begin researching your options, these are just alternate names for bundled insurance.
What Types of Insurance Bundles Are There?
When it comes to the different types of coverage that make up bundled insurance policies, there are some combinations that are more popular than others. The reason why? Some coverages are more widely needed than others. That said, it’s important to note that almost all insurance types that a company offers can be included in a bundle.
As for the top bundles, the most commonly combined policies are:
- Homeowners and auto
- Renters and auto
- Condo and auto
Just because these are the most common bundle combinations doesn’t mean they’re the only ones. You can tailor your bundle to include the types of coverage that best suit your situation — as long as an insurance provider offers the types of policies you need. Some other, less common additions include (but aren’t limited to):
- Vacation home
- RV
- Boat
- ATV
- Motorcycle
- Life insurance
4 Benefits of Bundled Insurance
In terms of reasons why you might want to consider bundling your insurance policies, the list of perks extends far beyond the extra savings. Bundled insurance enables you to:
- Keep policies under one roof, with access through a single account. Consolidating all of your policies within one bundle makes them easier to manage.
- Take advantage of streamlined billing. One bundle means just one bill, which makes it easier to keep track of your payments.
- Qualify for a single deductible. Certain insurers offer a combined deductible, which provides one deductible for a variety of insured assets that are damaged in the same covered event.
- Work with just one company when submitting claims. This comes in handy particularly if you need to submit multiple claims at the same time. When each one is handled by the same company, you can more easily manage the process.
4 Bundled Insurance Drawbacks
Even with the added convenience, bundled insurance may not be the right option for everyone. Bundling may not be for you if:
- Your insurance company doesn’t offer the coverages you need. Not all insurance companies provide the same coverage options — for example, an insurer may sell auto policies but not life insurance. If your insurer doesn’t have the type of policy you need, you’ll have to look elsewhere for that coverage, or switch to a company that offers it.
- You have specialized insurance needs. Some types of highly customized policies, such as high-risk home insurance, may not qualify for bundling.
- The savings aren’t significant enough. While it’s possible to save a substantial amount through bundling, not everyone will be offered the maximum discount — which is why it’s always a good idea to shop around to see where you can find better deals. However, sometimes your best offer may only come with negligible savings. In that case, bundling may not be worthwhile.
- You aren’t offered the best rates. Determining premiums is a complex science, and the cost of insurance can vary significantly between providers. Because of this, it’s possible that your current provider may quote you a multi-policy rate that’s higher than what you’d pay mixing and matching different policies from other companies.
Bundle with C&S Insurance
In most cases, bundling your insurance coverage is a smart decision, and one your wallet will thank you for. While these savings are the main benefit, bundling comes with other perks that make it much easier to manage your policies. Want to see how much you can save by bundling your insurance? Our team of experts is ready to help. Get started by requesting a quote today.
