The price of milk is up. Gas prices are up. Insurance premiums for many of us are up as well. But many insurers offer additional discounts for bundling, offering a welcome reprieve from rising costs of living.
If you buy more than 1 type of insurance policy from an insurer, you may earn an extra discount. In some cases, you might even earn a discount on more than 1 type of policy. That means you might get 2 or more discounts.
You may also see bundling referred to as a multi-policy discount.
Which policies can qualify for bundling discounts?
Each insurer makes their own rules for discounts, but many insurers follow a similar discount structure for bundling as well as other types of discounts.
Here are some of the policy types that might qualify for a bundling discount or that might generate a discount for other policies:
– Auto insurance
– Motorcycle insurance
– Homeowners insurance
– Renters insurance
– Umbrella insurance
– Life insurance
Bundling discounts can go both ways. For example, some insurers offer a discount on both auto and home insurance if you buy both policy types.
But in other cases, multi-policy discounts only go one way. For instance, if you buy life insurance and auto insurance from the same company you may earn a discount on your auto policy. However, the life insurance policy may not earn a discount.
Consider the big picture
Bundling discounts often provide strong savings and can help make insurance more affordable. But consider all your insurance needs when choosing coverage. A discount can make a price more attractive, but it does not make a policy a perfect fit for your coverage needs.
If you have been thinking about adding coverage or if you have not reviewed your coverage lately, reach out to your broker to discuss your coverage options. You might qualify for additional discounts by bundling your coverage. More importantly, you will get the assurance that your coverage protects you and your family against life‘s risks.