What is Bundling Home and Auto Insurance?
Purchasing multiple insurance products from the same company is known as policy bundling. It refers to the discount offered by insurers when you buy more than one product from them. Typically, people combine their home and car insurance to take advantage of multi-product discounts. Also, you may get additional discounts if you have multiple vehicles and choose to insure them with the same company. Thus, bundling insurance coverage can help you save on the policies.
If you want to purchase home and auto insurance in Canada, read on to learn what you should ask your insurance brokers so you can make an informed choice.
Questions to Ask About Combining Home & Auto Insurance
How much will I save by bundling home and auto insurance?
Most insurance companies and brokerages in Canada offer a discount on individual policies when you choose to bundle them. They may offer 5% to 15% off on bundled coverage. Since the insurance premiums for your vehicle can be quite expensive in Ontario, bundling it with your home insurance coverage can make a significant difference financially.
What if my vehicle and home are damaged at the same time?
On the off chance that both your home and car get damaged at the same time, you would need to file only one claim if you have bundled your home and auto insurance policies. This will make it easy for you to handle things. However, without a policy bundle, you will be required to file separate claims for your home and vehicle.
What are the advantages of bundling auto and home insurance?
Here are the benefits of combining your auto and home insurance policies:
- Deal with a single insurance company.
- Save a significant amount of money on your insurance premiums.
- You may have a single deductible.
- Link your bills and payment statements, making things hassle-free.
- Become eligible for more discounts and savings by adding more vehicles that you own.
Tips for Bundling Your Auto and Home Insurance
Keep in mind the following when you decide to combine your car and home insurance coverage:
- Compare the costs of your auto and home insurance quotes separately with the prices of combining them. Choose to bundle them if you get lower rates.
- Shop around or work with a reliable insurance broker to get multiple quotes before choosing your bundled policy.
- Understand the terms of the policy and ensure you have enough coverage. Re-evaluate your needs and the coverage to make sure you get value for your money.
- Do not be in a hurry to choose the first and cheapest home and auto insurance quote. Learn what it covers, ask about the discounts, and know about the changes in your deductible before purchasing a policy.
We Offer Fairly Priced & Reliable Home & Auto Insurance Quotes
At Orr & Associates, we are dedicated to providing our clients with comprehensive coverage for home and auto insurance in Canada. We have qualified brokers to understand your needs and recommend the best solutions accordingly.