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Save Money on Bundling Insurance Policies

mj-2Saving money on insurance is on the minds of everyone these days and one of the best way to save money is  bundling insurance policies with the same company. Another way to cut rates is to shop around and not by choose the first company you receive a quote from.

The number of insurance companies that you utilize for your home, health care, car, life insurance and other personal lines may be as many as a half dozen or as little as a single company.

There are over 150 types of insurance consumers purchase to protect their futures. The first step is to gather all of your existing policies. Identify what types of insurance policies you have and determine if you own at least two of the following types: car, homeowners, health care, rental property and life insurance. If you do, then you are knocking on the door of a major financial gain.

The purpose behind this task is of paramount importance when it comes to saving money. Most carriers of these types of policies offer savings on bundling. If you own more than one vehicle and all of the cars are insured with various carriers, consider keeping the best carrier which will provide the best policies of coverage. This is usually worth a 30% discount.

If you can’t get that sort of a discount keep shopping for new coverage until you do – that is unless you or one of the drivers on the policy has a serious problem with tickets or has had one or two accidents in the last three years.

In cases where you own only one vehicle but have other policies there are some additional steps that you might have to take before you can save more money on insurance. If you are a homeowner, call your homeowners insurance provider first and ask if they provide auto insurance.

There are two reasons for this. First, homeowners get a discount on auto insurance premiums and secondly based on studies about 70% of homeowners have bundled their home insurance with automobile policies. A large portion of the population already benefits not only from savings, but with the ease of management having the same provider.

Start computing the discount your home insurance company has given you and compare it against your current premium for your car insurance. Then compare the coverage to see if something is missing or it’s the same as your existing coverage. Check to see if there is some unnecessary coverage that you don’t need and ask if it can be replaced with something that you do need. Check the benefits like good driving discounts.