Should You Bundle Insurance? 4 Facts on Bundling and Saving
There are a lot of ways to save money on insurance. Most drivers and homeowners can find at least one insurance discount that matches their situation. If you haven’t already done so, bundling your insurance—purchasing several of your policies through the same company—is a pretty universal savings opportunity.
Here are four facts on consumers who bundle insurance and save:
- Bundling multiple insurance policies can decrease your premiums significantly. Here at C&S, we’ve actually facilitated discounts up to 25 percent, depending on the carrier.
- Overall, nearly 8 in 10 consumers bundle their insurance policies. This statistic comes from a 2015 J.D. Power U.S. Household Insurance Study.
- Generation Y (people born between 1977 and 1994) are the least likely to bundle homeowner’s and car insurance. Ironically, this is also the largest group in the home buying market right now. If you’re in this demographic, and you’re still working with separate insurance companies, you may want to do some comparison shopping…
- Some Gen Y consumers choose to “unbundle” their insurance policies in search of a better rate, but more than half (52 percent) are seeking “better coverage,” a more satisfying customer experience, or something else. This trend is important to note, because while lower numbers can be compelling, not every reduced rate is created equal.
So what’s the bottom line? Combining your family’s various insurance policies to secure a multi-policy discount will almost certainly save you money… But you should do your homework first, to be sure you’re not sacrificing optimal coverage or stellar service in the process.
The first step? Contact a well-established insurance agency in Massachusetts that represents a long list of insurance carriers. From there, an agent can sit down with you and help you shop for your best bundling option. As always, let us know if you have any questions on this or other insurance topics.