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The Benefits of Combining Home and Auto Insurance

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4 Great Reasons to Combine Your Home and Auto Insurance

In Ontario, if you drive a vehicle, auto insurance is mandatory. Similarly, if you have a mortgage on your property, chances are that your lender requires you to have home insurance. While you aim for the most comprehensive coverage for protecting your assets, keep in mind that there is a considerable advantage in bundling your home and auto insurance in Ontario. Not only can you get discounts on the overall premiums, there may also be less hassles and increased convenience in bundling your home and auto insurance policies with the same insurance company in Ontario.

Read on for some insights from the experienced and trusted Ontario insurance brokers at Orr & Associates.

Why you should bundle your home and car insurance policies

  • Save Money! You can earn up to 15-20 % savings in the overall premium as many insurance companies in Ontario will offer discounts for bundling these two policies. You may even be able to incorporate additional coverage (such as RV, boat or a rental property insurance) into the same mix and get further discounts in your premium.
  • Enjoy Streamlined Processes: A comprehensive policy will streamline your payment schedules, and help you track all your policies simultaneously.
  • Earn Coverage Perks: Bundling can help you save on out-of-pocket expenses, such as deductibles. For example, if a major storm causes damage to your home as well as your vehicle, your claims filing process will remain simple and you will likely pay a single deductible.
  • Save Time and Paperwork: Combining your policies will save you time and cut down on paperwork. It will also reduce the hassle of remembering multiple login IDs and passwords, or dealing with multiple insurance companies for policy renewals or claims.
  • Enjoy Better Service: Buying more than one policy from the same insurance company means you become a valued customer that is bringing more business to the insurer. Therefore, you are also likely to get better perks and service, as well as higher discounts on renewals.

The Pros and Cons of Bundling Your Insurance

  • Pros: Bundling home and auto insurance can save you a significant amount of time, money, and effort that goes into comparing insurance policies, applying for renewals, or filing claims.
  • Cons: While most often, bundling leads to better savings, occasionally the insurers in each category may offer higher discounts on the stand-alone policies. At such times, you may be better off buying each policy from a separate insurance company to maximize your savings. Some of the other downsides to bundling are:
  • Lack of specialization: When you have other high-ticket items that you wish to insure on your home or auto insurance policy, bundling may end up inflating your premiums instead of offering savings. For example, if you are looking to add an expensive piece of heirloom jewelry, a valuable piece of art, or a vintage car to your policies, you are better off dealing with an insurer who specializes in coverage for these items and may give you a better deal.
  • Missed Opportunity: The convenience of bundling may mean you are not regularly reviewing your insurance needs. It may also create a missed opportunity to shop around for better deals.

What to Know Before Bundling Your Insurance Policies

  • Compare the costs of separate home and auto insurance quotes, and review how much you will actually save by bundling.
  • Don’t hesitate to ask your agent or broker to elaborate on the benefits of bundling.
  • Understand the terms of bundling and check whether the processes are actually streamlined in the event of a combined claim.

Get the Best Bundled Insurance Policy with Our Insurance Brokers in Ontario

At Orr & Associates, our goal is to provide the best coverage for your needs and help you get value for money, as well as peace of mind. Our experienced insurance consultants encourage clients to ask questions, learn about the deductibles, and understand the policy terms before purchasing any policy. As Ontario’s leading insurance brokers, we have partnered with all the top insurance companies in each space and have the ability to offer an extensive range of insurance products under one roof, including bundled policies.

For more information on our products and services, call us toll-free at 1 (866) 521 5926. You can also get in touch with us online to request a free quote for a bundled policy for home and auto insurance.