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We get it, we totally do: with so many different policies and insurance riders out there today, it’s easy to become downright depressed at the cost of insurance. Who would feel good about that much cash disappearing each month? But never fear: there *are* ways that you can save money on your insurance. In fact, one of the most common ways to do that is to purchase more than one policy from the same provider in a move colloquially known as ‘bundling.’
The theory behind bundling is that if you use the same provider for multiple policies, it’s not only easier to manage premiums, but it also incentivizes companies to offer discounts since you’re bringing them more business. An example of a pretty conventional bundle would be buying your homeowners and automobile policies from the same insurer; in actuality, a whole variety of policies could be purchased together.
Besides the possible boon to your bank account, bundling could offer other benefits. For one, it’s less of an administrative headache if your policies come from the same company. For another, if you’re the type of person who wracks up traffic tickets, your provider may be less likely to give you the ax if you hold multiple policies with them. And although it’s not a hard and fast rule, in general, the bigger the policy, the bigger the discount — which means paying more to one company could mean you’re paying less overall.
As with any decision regarding your insurance, you’ll want to shop around — not only to compare quotes and offers, but also to see if bundling really is cheaper. Even if you receive a discount, it doesn’t mean that the insurer won’t raise your premiums over the years.
And in that vein, while a company may offer outstanding homeowners insurance, it could be a bit crap (to put it gently) when it comes to automobiles. Not all policies or policy providers are created equal. Read through and check to make sure you’re getting the coverage you need at a price that works for you.
To bundle or not, that is the question — and one entirely up to you to answer! If you do think it’s the right choice, then you’ll need to make sure to cancel any policy that falls outside your bundle requirements. That is, if you are going to bundle your auto and homeowners policies at the company where you get your car insurance, then you’ll want to make sure to cancel your pre-existing homeowner’s policy. And if the home is a new purchase: well, congratulations! And disregard the above; you can just buy an entirely new bundled policy from your provider.
Whatever you decide, you’ll want to keep all your policies organized in your Marble wallet, where you can see your coverage details, compare providers, and earn rewards just for having insurance.
