How to Bundle Insurance Products
- 1). Examine your current insurance policies. Are they all with the same carrier? If not, you could be losing discounts of 15 percent to 25 percent on each auto in addition to your home policy. Other discounts also might be available on life insurance, health or umbrella policies.
- 2). Consider opting for a renter's policy if you do not currently own a home. Renter's insurance is inexpensive, covers your personal property and offers personal liability protection. In addition, if you bundle a renter's policy with auto coverage, you might get a discount of up to 20 percent on your auto coverage--which means the renter's insurance might almost pay for itself.
- 3). Get a quote for an umbrella policy if you own your home. Umbrella policies offer additional liability protection on both your home and auto for a single premium, and additional discounts might be applied to your home or auto if you add an umbrella policy to your coverage.
- 4). Inquire about moving your life insurance policy to the same carrier as your auto and home. Additional discounts might be 2 percent to 5 percent when you have your life policy bundled with your auto coverage. If you have a multi-car home, this really can add up.
- 5). Talk to a minimum of five to eight insurance companies to find out what discounts are available. You might be surprised to learn that some companies are much more generous with their discounts than others because of the type of market share they go after. Do not assume one company discount will be the same as another.
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