When looking at options for home and auto insurance quotes, your insurance broker may recommend bundling home insurance and auto insurance. If you are wondering whether bundled insurance policies are worth it and if they can help you save money, we are here to help. Although it comes with many benefits, you must consider a few things before choosing a combined policy. Before we discuss them, let us understand the meaning of bundling insurance policies and its advantages.
What is Bundling Insurance?
When it comes to insurance policies, bundling refers to purchasing multiple lines of coverage such as home insurance, auto insurance, and other products from a single company by combining them. The multi-line discount combines different insurance coverage with a single insurance company. One of the widely preferred insurance bundles is combining car insurance and homeowners’ policy. In addition to this, you can also club other products, depending on your needs, discounts available, and how much money you can save.
Benefits of Bundling Home and Auto Insurance
Here are the top reasons to combine insurance products:
- Automatic Discount
Most insurance companies allow certain discounts if you purchase combined insurance coverage from them. The amount of money you could save depends on the company’s policy. By buying insurance bundles, you can get around 5% to 25% discounts on premiums.
- Bundling Insurance Saves Time
By combining different insurance products, you will spend less time when it comes to managing them. This is because, with bundled coverage, you have simplified transactions, including a single renewal date.
- Combine Your Payments
Insurance bundles require just one payment for different policies. By combining home and auto insurance or any other product, you will get one insurance product and one payment schedule. Also, you’ll have to deal with only one company, meaning fewer things to manage. It can help make things easier for you and ensure that you get the best deal.
- Peace of Mind
Having a single expert to contact when you have concerns, questions, or need to file an insurance claim is convenient and reassuring. Also, it increases your chances of having a well-established relationship with the insurance provider.
- Best Value
It helps to know that bundling insurance coverage ensures you the best overall value. You can get reduced premium rates and more savings without compromising your needs.
Things to Consider When Bundling Insurance Policies
Choose the Right Coverage
If you decide to bundle home and auto insurance or any other policies, be sure to understand the terms and conditions. You can talk to your insurance broker, ask them questions about the coverage options, and discuss any concerns you have for a better understanding. This way, you can ensure that you have enough coverage for any potential losses and cover your liability.
Ensure it Reduces Your Premium Amount
Before combining your policies, make sure that it is financially beneficial for you. You can discuss different coverage options with your broker to find the best fit for you when bundling auto and home insurance or any other products.
Look for Multiple Options
It helps to shop around to know which option works best for you. Check out different auto and home insurance quotes and other bundled policies and compare them to know which one suits your needs.
Finding the Best Home and Auto Insurance in Canada
Insurance premiums are often one of the major expenses. If you are shopping for home and auto insurance and looking for less expensive options or if both policies are up for renewal, you should consider bundling them. Combining coverage with one provider allows you special discounts. It is one of the simplest and quickest ways to save on your insurance rates and get the best value.
How to Get Home and Auto Insurance Quotes in Canada
To get an accurate quote, you need to provide the following information:
- Your home and property details
- Information about your vehicle and driving
- The details of your current policy and insurance history
The best way to ensure you get the right insurance coverage to safeguard your assets is to work with a reliable insurance broker. They can offer you the best insurance quotes within your budget and help you understand the terms and conditions. They will also consider essential factors such as coverage limits, deductibles, potential discounts, and more.
General Questions About Bundling Insurance Policies
How Much Will I Save By Bundling Policies?
The amount you will save typically depends on the insurance provider. In addition to this, other factors such as policy limits, coverage type, claims history, add-ons, and more also tend to affect the overall cost. You may save up to 30% or more on coverage, depending on the insurance company’s terms. You can get multiple quotes and compare the rates and coverage to find a suitable policy.
What Details Do I Need to Compare Home & Auto Insurance Quotes?
If you want to compare bundled home and auto insurance quotes online, you’ll need to provide the following information:
- Home – Location, area or square footage, age, type, and materials
- Vehicle – Make and model of your vehicle, year, other features
- Driver – Age of the person, gender, location, driving and insurance history
- Coverage – Deductibles, limits, coverage types, other add-ons
How Do I Get Affordable Home & Auto Insurance in Canada?
To get the best value for money when combining insurance products, keep the following in mind:
- Work with a broker – A reputable insurance broker can help you choose affordable insurance coverage. They have experience, knowledge, and partnership with multiple insurers. They can ensure you get the best bundle to meet your individual insurance needs.
- Select the best coverage – Determining the right policy can be challenging when you opt to bundle insurance. It is beneficial to choose the best coverage for all types of insurance by considering coverage limits, deductibles, discounts, and more.
- Compare quotes – Be sure to compare quotes every year and analyze your bundle. This will ensure you get the best deal and allow you to capitalize on cost-saving options.
When Should I Compare Bundled Insurance Quotes?
Although you can compare a bundle anytime, it is necessary to analyze quotes each year, especially at the time of renewal. Also, be sure to consider different options available to you when making changes to your coverage.
Get the Best Home and Auto Insurance Quotes in Canada
Finding affordable home and auto insurance quotes that meet your requirements is easier than you may think. All you need to do is hire a reputable insurance broker such as Orr & Associates to ensure you get the best deal. We have expert brokers who will work to understand your requirements and come up with the most suitable policies as per your needs and budget.
For more information about our insurance products and services, please call us at 905-833-6691 or toll-free 1-866-521-5926. You could also fill out our online form to request your home and auto insurance quote. We’ll be happy to guide you and help you protect your assets.