The General Car Insurance bundling – Reviews
Do you own both, the apartment and a vehicle? If yes, you need both the insurances. If you want convenience in it and enjoy some wonderful discounts, you need to buy your home and the general auto insurance policies from the same company. Buying both the insurances in this way is a wonderful strategy for saving money and is called bundling.
It is quite a popular term in the United States of America and more than 58% of Americans love to bundle these insurances. Although, the majority of people love these bundles, but may not be suitable in some situations as well. Sometimes, the bundles show higher insurance premiums and comparatively, the separate buying of the general auto and home insurance can be the better solution.
You can obtain the best solution if get car insurance rates from different insurance companies with and without bundling. It helps you determine the actual premium costs and decide accordingly.
How does bundling work?
It is quite easy to understand. Through bundling, the insurance companies join more than one insurances like bundling of the car and home insurances, and many others. Normally, only one company is behind these bundles and against them, offers, discounts named multi-policy discount. However, some auto and home insurance companies have aligned themselves for bundling to secure the customers as well. The insurance companies mention it on the policy declaration page.
What are the advantages?
Bundling can give you some wonderful benefits besides cheaper insurance. Let’s have a look!
- You need to deal only one insurance company while buying the bundle.
- Only one agent and one website is required to keep an eye on your insurances and manage both.
- If there is a gap in coverage, you can identify it quite easily.
- If you have chosen one of the best insurance companies, you can align the effective dates, billing statements and renewal periods to keep everything simple and straight. You will have no need to remember both the policies separately.
- You can enjoy some other perks as well with bundles that are totally dependent on your insurance company and the laws of the state in which you are living.
- If you have a good insurance company, you can enjoy single-loss deductible as well. It helps you manage when your car damages are due to damages in your home. For example, there is a fire in your home that has damaged your car as well. In this situation, the insurance company will waive your auto deductible.
Bundling helps you save money. How?
As the insurance premiums are different for all the insurance companies, so there will be the difference in discounts as well. However, we can calculate some percentages through the available data and by comparing the separate and bundled insurance quotes. We are mentioning some monetary benefits here:
According to the available data, we have found that there is the difference of around 8% between the bundled and separate insurances while comparing all the states. When we bundle the auto insurance policy with renters insurance, we can get up to 5% discount. Bundling of home and car insurance can save money around 1.5%. You can get discounts even when you buy more than one type of auto insurance as well and without bundling it with home insurance. All these benefits are when you bundle the car insurance with any other insurance.
These bundles are not only beneficial for the buyers, but the insurance companies also enjoy more profits by selling two or more policies. The buyers show their interest in buying more insurances due to discounts and the insurers offer more bundles to engage the buyers for paying more premiums.
How can you bundle your policies?
For buying the auto insurance policy, you need a quote that can be gotten online, in person or via a call. The following information is required for it:
- Identification number of the vehicle
- Valid driving license
- Lienholder information, if any
- Credit/Debit card
Conversely, for obtaining the home insurance quote, you need to provide the following information:
- The current value of your home
- Construction year
- Total area
- Name of the mortgage company
- Loan number
- Escrow account
Which policies can be added in the bundled insurance?
It is an important note for all of them, who want to buy some other insurances as well. Multi-policy discounts are available for all other types of insurances as well and you can include any one of them into bundles. The only thing you need to ensure that the insurer offers all those insurances that you need. The types of insurances can be:
Generally, the auto insurance companies work independently and do not provide home insurances. However, they have developed an alignment with home insurers to keep their customers intact and offer discounts to them against bundles. So, before taking any decision, you need to discuss with your agent that will help you buy the bundles conveniently.