Multiple Policy Discount
If you have several things you have to insure, it could save you a lot to explore a multiple policy discount. A multiple policy discount is often advertised as "bundling," and it simply means combining different insurance policy. Typically, home insurance and car insurance are seen as the main components. You can get a multiple policy discount for combining renters insurance, insurance on other vehicles, or just about any other insurance product out there. Home and auto insurance bundle comparisons show that most people can save about ten percent off of the cost of insuring both home and auto separately. The only requirement for multiple policy discount savings is to use an insurance company that offers all the coverages you need. Read on to learn all about multiple policy discounts, what's required to get them, and whether they'll save you money.
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Written by
Chris Tepedino
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Reviewed by
Rachael Brennan
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UPDATED: Nov 17, 2020
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Nearly every piece of property you own these days will either require or significantly benefit from, taking out insurance on it. Heck, even young adults who don't yet own their own homes are encouraged to purchase renter's insurance (which was barely heard of less than a decade ago). So why not save money by bundling all of your separate policies with the same insurance company? Doing so can get you a very lucrative multiple policy discounts.
Knowing about all the potential car insurance discounts can save you a lot of money, and one of the most helpful is a multiple policy discount, also known as a bundling discount. To compare rates, use our FREE search tool and see how much you could save.
Save Additional Ten Percent with Multiple Policy Discount
Multi-policy discounts are some of the largest discounts you can find from your insurance provider. If you bundle your automotive policy with your homeowner's or renter's insurance, you could lower your monthly premiums by ten percent or more. This easy approach to saving money on your insurance plan can even benefit your spouse, or any older children you may have who need coverage.
There are many benefits to converting all of your separate insurance policies into a single multi-policy, if that option is available near you. It cuts down on time, paperwork, and claims processing if all of your business is happening with one company. A multi-policy plan can also streamline your coverage needs, eliminating any costly excess coverage you might have paid for if all your insurance policies stayed separate.
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How a Multi-Line Discount Works For You
“Multi-line” corporations are large insurance companies which provide these convenient, multi-policy plans. These include Allstate, State Farm, and Farmers, just to name a few. provide such type of discounts. As the name implies, insurance agencies offering a multi-line discount promote many different kinds of insurance policies including renters insurance, life insurance, and homeowners insurance, as well as auto insurance.
The total cost of your monthly insurance premium doesn't just include the insurance provider's expenses associated with managing your policy. They also include the day-to-day expenses required to keep their business going, and to be able to pay out on claims if you or any of their other customers file them. Multi-line companies can afford to offer you discounted premiums for managing multiple policies under your name because it reduces their cost of business. And as a thank you, they pass some of those savings back to you.
Is a Multiple Policy Discount the Best Idea?
There can be some drawbacks to letting one single company manage most or all of your insurance needs. For one, if you are dissatisfied with your service and want to change companies, untangling all those policies and shifting them over to a different provider can be a nightmare.
Secondly, just because your auto and homeowner's insurance provider offers multiple packages doesn't mean you're getting the best deal. Even with a multi-policy discount, you might save even more money if you can find a better deal on either property (your home or your car) with a different insurance provider.
Obtaining a Multiple Policy Discount
Most large insurance companies aren't shy about letting their customers know that they offer different types of policy coverage. Some, however, are more selective; you may have to put in a formal inquiry to discover whether or not they offer a variety of insurance products.
To explore lower rates and money-saving discounts, simply enter your ZIP code below.