When you have more than one kind of policy through the same insurer, you have what is known as a multi-policy bundle. A multi-policy bundle most commonly includes vehicle, renters and homeowners insurance but can pertain to any kind of insurance the company provides, such as ATV, boat, umbrella, snowmobile, etc.
The biggest cross discount percentages typically relate to the auto product so if you’re looking for cheap NY car insurance quotes, bundling your auto and home is a good way to go.
Should You Bundle Your Insurance Policies?
Bundling your different policies can be quite beneficial in terms of savings and convenience. When it comes to savings, the majority of insurance companies will provide substantial discounts, leading to hundreds or thousands of dollars in savings with a single company.
As a matter of convenience, you have a single insurer to deal with, allowing you to make a single payment for all your policies. Plus, you can find everything you need from the carrier, such as viewing your policies and printing out the ID cards. You can also use the website to pay your bill online, file/track a claim and make changes to your policy.
There is a mistaken impression that to benefit from any bundle discount, all the policies must be taken out simultaneously. This isn’t the case. For example, you have been renting a home and have renter’s insurance but have now purchased a home. Your vehicle and renter’s insurance was through two different carriers, but you chose to use the company that holds the vehicle insurance for your homeowner’s insurance. By doing this, you will be given a multi-policy discount.
If you have only two policies with the company and cancel one of them, the discount will also be canceled, and you’ll see an increase in the remaining policy’s premium.
Does A Policy Bundle Benefit Everybody?
Unfortunately, not everybody will benefit from a policy bundle, including those with an adverse claims history, poor/bad credit, or both. If you have this problem, seek quotes from companies that don’t focus heavily on claims history or credit for quotes.
For instance, you have a poor credit history but have never filed a claim. Using a mutual insurer or co-op for your NY homeowners insurance could get you competitive and inexpensive home and car insurance quotes. However, if your credit history is impeccable, but you’ve had several at-fault accidents but no claims for your home, you may want to get a non-standard auto insurance company quote and a standard one for the home.
Why Should You Use An Independent Insurance Agency For Quotes
The difference between an independent insurance agency and a captive agency is that you can access several quotes, whereas the captive agency has a single option for every product offered. When you need a multi-policy and claims, credit, and young drivers are huge factors, you want to use an independent agency to help you find the best multi-policy quote. These entities can help in two key ways:
- They can provide you with quotes from multiple insurance companies.
- They understand the regional area and companies with the best rating for any situation. They may suggest using more than one carrier for your insurance coverage needs.