You can save money bundling your policies through the same insurance provider, but this won’t always save you the most amount of money.
We answer this question, and many more, in the following paragraphs.
What are insurance bundles?
On the surface level, insurance bundles sound fairly self-explanatory. The concept is simple: bundling different insurance offerings together to save on money. The immediate benefit you see is that you have only one payment to make, only one portal to access, only one advisor to communicate with, and an overall streamlining effect on your insurance process. Your insurer sees a similar effect. They get increased business by adding insurance products to a customer who might otherwise have only undertaken to have one portion of their insurance coverage with that insurer.
Because of the increased business, many insurers offer significant discounts to customers who bundle more than one insurance product with them. In many ways, it’s more favourable for an insurance company to have customers with more products with them. This is because it simplifies the customer management process.
One benefit of bundling your insurance that might not be too obvious is that you could align your insurance renewal periods. We’ve explained the importance of the insurance renewal period before, but one aspect that you might not have considered is the ease of having one renewal period for more than one insurance product.
For example, if you have an auto and home insurance bundle, you would receive only one communication from your insurance company letting you know that you have multiple contracts to look over during the renewal period. This makes it easier for you to manage your insurance policies and can help keep your insurance needs front of mind during this important period.
Similarly, there is an added benefit of having only one deductible for more than one insurance product. For example, if you bundle car and home insurance, you more easily budget your finances, knowing that you’re paying for more than one insurance product with one simple deductible. A combined auto and home insurance bundle could also make it easier to split finances with a partner if splitting finances is something that’s important to you.
When it comes to processing fees, you would likely see a reduction in this area as well if you bundle insurance. One obvious example that comes to mind is if you are paying a monthly service fee for your insurance payments, you could consolidate your payments with one simple payment by bundling.
Another aspect to consider is the fact that if you’re happy with your insurance company, there’s really very little reason not to add more applicable services to a bundle with them. Whether it’s a home and car insurance bundle, or a car and health insurance bundle, you’re adding products that you would probably be using anyway to a company you know, trust, and can feel comfortable with.
Also, if your personal or financial situation changes or your insurance needs change, you can simplify the process of changing your insurance coverage by dealing with fewer insurers. When the all-important renewal period comes up, you can count on your decisions being streamlined and more straightforward.
What types of insurance can be bundled?
While the specifics of your insurance needs will determine what’s available to you, we’ve seen insurance bundles that include basically every type of insurance. We’ve seen home and car insurance bundles, car insurance and renters insurance bundles, and more.
Have you recently purchased a new motorcycle? Maybe an auto and motorcycle insurance bundle is right for you. Are you searching for a great auto insurance quote, and considering adding trailer insurance? Surex can get you a great car and trailer insurance bundle from one of our fine insurance partners. By connecting with your Dedicated Insurance Advisor, you can be sure to receive effective assistance in understanding your bundled insurance quotes, and the benefits associated with each of the insurance bundles you can choose from. To learn more about the duties and responsibilities of our Dedicated Insurance Advisors, you can read this article that explains all you need to know about what an insurance broker is.
How can I get the best deal through bundling?
Whether you’re looking for the best bundled insurance packages, or simply the best bundled insurance companies, you can count on Surex to connect you with our insurance partners. We’re proud of our insurance partnerships, as we know that we can leverage them to offer our customers the best insurance rates. This means that we can also offer the best bundled insurance quotes.
We are always doing our best to find you an insurance rate that fits your unique needs and that doesn’t change if you want to bundle insurance. Putting more than one type of insurance together can benefit both you and your chosen insurer, so we’re obviously on board to help you bundle and find a rate that’s even better.
Frequently asked questions
How does the bundling process work?
With Surex, we’re always aware of the available insurance bundles. When you get a quote, you’ll also get an option to preview the available bundles from that insurance company. Plus, you can count on your advisor to help you receive all available insurance bundle quotes. If you’re interested in saving time and money, make sure to communicate your interest in insurance bundles to your Dedicated Insurance Advisor.
How much will I save?
In general, you’ll save up to 25% of your premiums, without even adding in the added savings in time, effort, and simplicity of having fewer insurance policies to manage. Each insurance policy is different, and your individual savings may vary depending on several factors. Let your Dedicated Insurance Advisor help you through the process of bundling insurance policies and you’ll be sure to see the maximum savings available to you.
What happens if the policies interact?
One question we see from time to time when it comes to bundled insurance policies is about what happens when two policies interact. If for example, your car damages a portion of your home, your auto and home insurance bundle will come in handy. You would likely only have to contact one insurance company and explain the situation and work with their team to get the file the appropriate insurance claim. Compared to working with two or more insurance companies to deal with the same situation, this seems much easier.