You can combine your home and auto insurance policies to get a great discount. Let’s take a look at which states have the best bundled home and auto insurance. We also give some tips for how to save money.
You may be thinking that you are done with your savings on your auto policy. You have at least one more way to save money on your policy. It’s sometimes called multi-policy discount or others bundling. However, if you want to reduce your overall cost of insurance, combine your homeowners and vehicle policies. Combining your vehicle and homeowners policies together can help you save more than 20%, as well as make your life easier with more convenient combined billing.
Why should companies offer bundle deals?
This question can be answered with one simple answer: It makes them money. Insurers know that acquiring new customers can be costly. Being able to add a new line of business to existing policies increases revenue and profitability. The insurer can now realize two streams of revenue from one client, which allows them to pass on more savings and makes the deal more attractive for the client. Bundled coverage is more popular than cheaper coverage. This means that people are more likely to stick with the same carrier for longer periods of time and less likely to shop around.
Insurers believe homeowners are more responsible, less likely to be involved in risky behaviors and therefore file fewer claims. Companies offer these special deals because people who have two types of insurance are more likely to choose the same company for a third. If someone has house and vehicle coverage, they are more likely than others to be able to get life insurance from the same insurer. Agents also know this and are able to find customers with existing bundles easier to sell to.
Prices for Bundled Policies Vary by State
Although almost all companies offer this discount auto and home package, savings can vary by region. Quadrant recently released interesting statistics that showed the state-specific packages available. The national average for multi-car-auto policies is around 16%. It can cost homeowners up to $100 per year to get a quote.
Quadrant reports that four states offer the best discounts on combined homeowner and automobile insurance. These four states are Arkansas, Georgia Oklahoma, Kansas and Kansas with average savings of 22%. Nebraska follows closely with a 21% rate reduction. If you have two separate home/auto policies, each costing you $2,000 per year, you could save $440 by switching to those states. It takes only a few moments to compare rates and then switch.
Florida has a price break of 8% and W Virginia, New York, Hawaii have a 11% discount. Bundling here will save you $200 annually, so it is worth considering. Illinois offers a 16% discount on condo insurance, while Missouri and Wisconsin offer 15% discounts.
Tips to save more on bundle
Get all the discounts that you deserve.
Are you a veteran of the military or a teacher? You may be eligible for a bundle deal that offers even greater savings than normal. You may also be eligible for a lower rate if your security system is installed. You should ensure that your policy covers you fully and that you don’t skimp on coverage. Your home is your castle, and you must protect it properly.
Compare Rates Online
The internet has made our lives much easier. You can book reservations online in seconds. In just minutes, you can find the best bundled home and auto insurance online.
