If you’re required to have both home and auto insurance anyway, why not bundle them together to save some money? This is a quick and easy way to put money back into your pocket each month.

Sourced from: www.thesimpledollar.com

If you’re looking for ways to save a little money (and really… who isn’t?), then consider bundling your home and auto insurance policies.  One of the easiest ways to knock off a few dollars is by taking advantage of the most common discount offered by insurance companies: a bundled auto and home policy.

According to a study by InsuranceQuotes in 2017, bundling home and auto insurance saves a national average of 16.1 percent on annual premiums.  If you’re already required to have both home and auto insurance, then why not save some money and bundle them together?

Check out these pros and cons for bundling your insurance (also called multi-policy discounts) and get some insider tips on the best way to bundle.

Pros:

• Save money on your annual premiums
• Just one insurance contact is convenient
• One lower deductible

Cons:

• You may find yourself less likely to shop around
• Losing sight of your overall costs in favor of the highest bundle discount
• Affiliate situations may mean your preferred insurance company outsources one part of your insurance to another company

Should you bundle your home and auto insurance?

Yes, if:

• You’ve got average to high-priced homeowners insurance and have a pretty good driving record, you may be eligible for bigger discounts with a bundle.
• If get a quote that shows that bundling gives you the same or better coverage than what you already have for less than you already pay, go for it!

No, if:

• You know you won’t ever shop around again.  Just because you got a discount, does not mean you got the best deal.  Check regularly to make sure you aren’t spending more than you need to.
• If you have a high-risk auto insurance policy (expensive car or poor driving record). You can typically find a better deal with companies that specialize in offering cheaper auto insurance for this type of driver.
• If your bundled policy will provide less coverage or cost more than the individual policies combined.

How to bundle:

It’s recommended to compare quotes on home and auto insurance ever year, both individually and bundled.  It’s easier and faster than ever to do this online.  If you need help, contact an independent insurance agent who can help you shop around and find the best value option.  Don’t forget to ask what other discounts you might qualify for in addition to the multi-policy or bundle discount!