TUESDAY, MAY 9, 2023
Bundling is a term you may hear a lot about when purchasing insurance. In short, it is an opportunity to put multiple types of insurance together with the goal of saving money. This method can be helpful when you wish to save money on your auto insurance. Yet, many people are unsure how to access it or how to get the best price. Here are some tips to help you.
Bundling Multiple Vehicles Together
The easiest way to save money is to bundle multiple vehicles. If there are three people who drive in your home, and each one of them owns a car, think about bundling these policies together into one. Having one policy with all three vehicles and all three drivers on it is much less expensive than having three separate policies.
However, if one of the drivers is very high risk, such as those with an accident history, it is important to compare costs with that driver separate. It may be less expensive to all to exclude that driver and give them their own policy. Also, only vehicles and drivers at the same address can do this.
Bundling with Home Insurance
If you own a car and a home, choose a single provider for both policies. When you do, you are almost sure to be able to see a discount overall. It is important to compare quotes from multiple companies to determine which is the most affordable to you overall. Once you find a company, bundling home and auto is an easy way to reduce overall costs.
Recreational Vehicles
Do you own an RV? Perhaps you own a boat, jet ski, or a motorcycle. These are just a few examples. When you own other assets that require insurance, try to bundle those together. As long as the insurance company offers policies for these needs, you should be able to bundle.
Other Insurance Needs
Depending on the company and your goals, there may be other savings options available to you. Turn to one insurance company for those needs to save overall. This may include life insurance, for example. If you own a second property, insure these together for a discount.
Are you unsure if you can bundle your car insurance? Contact your insurance agent. Talk about the assets you own. Discuss the insurance right for you. Then, bundle any policies possible to see what the savings opportunity is for you.
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