Will I Save if I Bundle My Insurance?
Most carriers offer discounts when you bundle auto insurance with homeowners, condo or renters insurance. Some carriers offer a discount if you have a homeowners policy, even if it’s not with them. But back to bundling: It’s the easiest way to save. To get an idea of how it works, let’s look at the famous “Bundle When You Bundle” advertising with Progressive and what the reality is behind the slogan.
“Bundle When You Bundle” -- What Does it Mean?
Progressive offers 5% off on auto when you bundle car insurance with any of the three property coverages: home, renters or condo. But it doesn’t stop there. Progressive also offers discounts when you bundle the following:
- Auto and Boat
- Auto and Motorcycle
- RV and Homeowners
- Motorcycle and Boat
- Motorcycle and Renters
- Boat and RV
- Renters and Motorcycle and Boat
- More bundling combinations may also apply.
Do All Carriers Offer Bundle Discounts?
Not all carriers offer discounts with all of these bundle combinations, but Auto with the big three (homeowners, condo and renters) is pretty standard across the board. Some carriers offer the convenience of bundling (for example: Auto with RV) but they don’t offer the discount with it. On the flip side of it, there are carriers who even offer discounts when you bundle life insurance with another insurance product. The same goes for umbrella insurance.
Another Reason to Bundle
Besides saving money, here’s another reason to bundle: Your insurer will be less likely to drop your account. When you have multiple policies with an insurance carrier, you are automatically a VIP client. Even if you file several claims, even one for an expensive accident that was your fault, your carrier will be less likely to drop you when you’ve bundled several insurance products as opposed to having just one auto policy.
Why Shouldn’t I Bundle?
There are cons to bundling too. For one thing, it’s harder to leave a company with which you have several policies. If you’re not happy with the way a claims process went or you feel like you were not treated properly by your carrier after an accident, you can’t just switch car insurance. You’ll also have to change your other policies too.
Also, the whole concept of bundling may be misleading. Often, when you bundle auto with homeowners insurance, a partner will underwrite the policy, not the company itself. Even though you get a discount for having both policies, you’ll still have separate accounts and passwords.
You should always stay on top of your rate too. Some companies may inch up the rate little by little so that in the long run you’re not really saving much if anything.
Regardless of whether or not you bundle, it’s wise to compare car insurance quotes every year or two to see if your rate has dropped. You can get multiple free quotes here.
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At the top of the list, is reviewing insurance policies. Are you getting the coverage you need at the price you want? If not, it may be time to change policies. Need a different price? Shop around for better offers.
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