If you are looking for auto insurance quotes from various car insurance companies that is a wise move. Most people just stick with the same company for years without ever checking to see if better offers are available on the market.
Insurance companies offer bundling, or what they call multipolicy discounts, because they want to maximize their profits and get more of your business. Once they get your business, they want to keep it; retention rates are higher among customers who bundle home and auto insurance or other policies.
There are other advantages, too. If your driving record takes a turn for the worse or you’ve made a high number of auto insurance claims, having all your policies in one place might protect you from being dropped by your insurance company.
With bundling also come conveniences, like getting one bill for all your insurance premiums and having an agent review all your coverage at one time.
Bundling home and auto insurance generally works in two ways. Some insurers, like Nationwide, offer a single multi policy discount. At Nationwide, it’s up to 20%. As with many insurance companies, Nationwide’s bundling discounts can apply to combinations of home, auto, life, motorcycle, boat and other insurance products.
Other insurers, like State Farm, offer separate discounts instead of a single multipolicy discount. State Farm customers who bundle home and auto insurance policies can get up to 22% off their auto premiums and up to 35% off their homeowners premiums.
Keep in mind that renters home insurance and condo insurance will offer less of a discount because of less coverage needed and less living space involved. In other words, you might only see a 5% discount versus 10% if you owned the home.
Multiple Policy Discount Insurance Quotes
If possible talk to an insurance broker who can get quotes from many companies for you. That should lead to you getting the best deal possible and save you time looking yourself.