Examples of insurance products that can be bundled include home, condo, life, boat, cottage, travel and more. In most cases, larger policies tend to generate steeper discounts.

With more traditional companies, you may only be offered a multi-policy discount on your auto insurance policy if you combine it with a home policy. This sort of policy can be tenant insurance or home insurance. A traditional home policy, though, will often get you the most savings on your car insurance rate. Many insurers will also consider life insurance as part of their bundling deal. Boat insurance and RV insurance may qualify for a multi-policy discount. Always ask your insurer about which bundling options they offer.

Did you know?

You don’t have to be a homeowner to qualify for the multi-line discount. A condo policy qualifies, as does a policy for tenant insurance.

What if You Have Multiple Policies in One Family?

If you have more than one policy in the same household, you may qualify for a "multi-policy discount." This scenario would be possible if you have policies for yourself, your spouse, and any dependents who drive.

If you live in a home with two or more vehicles, a multi-vehicle discount will typically save you in the range of 10% to 20%. If you have any motorcycles or recreational vehicles to add, this can increase the overall discount.

Benefits of Bundling

Bundling your insurance comes with benefits that can include:

• Increased savings - The bundling discount can save you a lot of money every year, which is the main reason most people bundle insurance policies. A multi-policy or multi-line discount will generally range from 5% to 20% of combined premiums.
• Streamline policy management - Dealing with one company can simplify managing multiple policies. If you bundle both your car and home policies, you will only need to download and become familiar with one app for both. You will only need a single account with one insurer, limiting an extra online "place" containing your personal and banking data. You can check all of your policies, initiate a claim, and pay premiums from the same place.
• Insurance security - If you have too many claims on your home or auto insurance, you may be at risk being dropped by your insurer. Having other policies with the same company can lower the chances of the insurer doing this.

Should you bundle insurance?

Keep in mind, there are other factors to think about than just cost savings. Before you consider a switch, you'll need to find out whether you'll actually save money. The best way to do this is to compare quotes for both separate policies and bundled policies. Look at the combined premium for each scenario to calculate what you will be saving by bundling products.

You should also note any deviations from your current coverage. You might find out during your research that bundled products you plan to purchase aren't provided through the same insurer-some companies use affiliates. This means you will lose one of the bundling benefits mentioned above- only dealing with one insurance company. In addition, if your relationship ends with one of the insurers, you might need to shop around again or face a rate increase.

Tips on better bundling

Take these steps to get the most value when bundling home and auto insurance:

• Compare bundles from several insurers, either online or with an agent. It may be possible to find more than one provider with the same coverage and lower prices.
• Use an insurance broker- they will be able to get prices from multiple companies and help make sure you get the best rate.
• Check for third parties. Ask if the insurer uses a third-party insurance company (affiliate) for any policies in your bundle. Although you may still save money, you'll lose the convenience of dealing with one insurance company. You should know what companies you will be working with before you buy anything.
• Decide on how much coverage you need right now. If you're paying for more coverage than you need, it's wasted money. You can always increase your coverage in the future if you end up needing more.
• Shop for new quotes from time to time. Most people put their insurance on auto-pilot because shopping around takes too much time and effort. But the cost of home and auto insurance can change from year to year, so getting quotes every few years for both bundled and separate policies can help ensure you're always getting the best rate possible.

Enlist A Broker

Finding the best deal on insurance takes time, effort and shopping around. Using a broker can streamline that process, as they are not loyal to one insurer. They can access and work with multiple insurers, drastically reducing search time.

Key Takeaways

• Bundling can be a way to save money by using the same insurance company for both your home and auto policies.
• You may want to consider bundling if you want more savings, want to simplify your insurance, and if you make a lot of claims.
• Take stock of whether the plans you have are working for your needs and budget. If they aren't, don't let having a bundle keep you from looking for a new insurer.
• Choosing an insurance provider and bundled insurance is a business relationship. The only things that matter are the coverage you receive, the service the business offers, and the premiums you're paying.
• Bundling can be a great way to save if one company is offering you the best prices overall.

Even if you have bundled insurance, your insurance provider still needs to meet your standards of coverage and service. If that isn't happening, start shopping around.

If you're looking for insurance coverage from a trusted broker, discover why people in Ontario have relied on Best Buy Insurance for over 60 years. You can find the best insurance rates online or by calling Best Buy Insurance at 877-813-5710.

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