You’ve probably heard time and again that choosing one insurance provider and bundling your policies together gives you a hefty discount. This got us wondering- is this really the case? Continue reading the article to find out.
What do the stats say?
Yes, bundling usually saves you money. When you take out two or more kinds of insurance from the same provider, you can save as much as 25% (depending on the company). Interestingly, you typically recoup the most on home insurance.
However, how much you save tends to vary on where you reside. For example, in Georgia, you can enjoy an average discount of up to 22% by bundling your insurance policies. Whereas, in Florida, you’re likely to save approximately 7.6%.
Am I getting ripped off?
Bundling insurance policies can cause you to forget about them. The renewal date comes around, and you automatically sign up for another year. Occasionally, this costs more than if you were to shop around for a fresh deal.
Other pros to consider
In addition to potential savings, it’s convenient to bundle your insurance policies together- it cuts out a lot of hassle. For example, you receive one itemized bill listing everything you owe in the same place, and you only have to handle one insurance agent. This is incredible for making a claim or asking questions.
On the whole, bundling insurance is a great idea as long as you keep on top of things. Be proactive to ensure the deal is still as good as when you first took it out!