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Bundling Car and Home Insurance: Pros and Cons

Contractors Insurance

If you have a car, a house, a business, or all three in Newmarket or Collingwood, you are likely mindful about protecting your investments. Insuring your assets through home insurance, auto insurance, and contractor insurance are critical, but the costs of arranging adequate coverage can add up quickly. Therefore, many individuals and families seek ways to save money on their premiums each month – particularly as the cost of living continues to rise across Canada.

One way to potentially reduce the cost of your insurance coverage is to find an insurance bundling deal that suits your family’s insurance needs.

Experienced and trusted experts in auto and home insurance in Newmarket and Collingwood, Orr & Associates, explain the pros and cons of insurance bundling below.

What Is Insurance Bundling

“Bundling” your home and auto insurance in Ontario is the process of purchasing both insurance solutions from the same company, rather than working with one insurance provider for your home and a different insurance provider for your vehicle(s). Essentially, bundling allows you to access all your insurance services in one place.

Many insurance providers would be happy to have your business and aim to attract new clients by offering discounts for individuals who maintain multiple policies. For that reason, bundling often leads to lower premiums and simplifies your life because you conduct all your coverages and policies-related matters with one insurance provider.

What Are the Pros of Bundling Insurance?

First and foremost, bundling often reduces your monthly insurance premium expenditures, but there are many other benefits too.

All the pros of bundling include:

  • savings on your premium
  • simplified policy management
  • increased insurance security
  • a single deductible for all policies
  • having only one account to manage

What Are the Cons of Bundling Insurance?

While insurance bundling is attractive to many people, it may not always be an optimal solution for everyone. For example, insurance bundling may not be in your best interest if you can arrange lower premiums somewhere else or if you have unique, high-value items. Therefore, it is essential to do your research and seek guidance from your insurance broker.

The cons of bundling include:

  • savings may be minimal in some instances
  • you may experience a premium spike
  • working with one insurer may not be ideal for your unique situation
  • the quality of your coverage could suffer
  • you may no longer regularly analyze your insurance needs

Find the Best Home and Auto Insurance Bundle in Newmarket or Collingwood

At Orr & Associates, we assist you in securing the best insurance coverage for your needs. Our experienced insurance brokers will work with you to find the ideal insurance solutions for you and your family, providing you with peace of mind and value for your money.

As a leading insurance broker in Ontario, we have established partnerships with the top insurance companies and are proud to offer a robust selection of insurance products and bundling options.

For more information on our products and services, give us a call toll-free at 1 (866) 521 5926. You can also connect with us online if you are interested in a free quote for a bundled home and auto insurance policy.