Insurance Bundling: What You Need to Know to Save Time and Money
Tuesday, January 22, 2013, 2:00 AM | Leave Comment
According to InsuranceTown.com, bundling insurance plans can save consumers a boatload of money in the long run. Read on below to learn about some of the many benefits of bundling insurance plans.
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Reduce Snail Mail
No one like to get bills in the mail and this can certainly be true for those monthly insurance bills. When multiple types of insurances are underwritten by one company, the number of bills is reduced significantly. Instead of getting several bills each month from several different companies, there is only one bill from one insurance company.
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Prevent Over-paying of Premiums
In addition to the convenience of having all the insurance plans a consumer needs with one company, bundling helps prevent the over-paying of premiums. This is typically accomplished because of discounts extended by the company to their client.
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Due Date Convenience
With the multiple due dates that often result when an individual insures their home, life and vehicle with three different companies, confusion can set in and make it difficult to remember each one. This can increase the possibility that an important due date might be overlooked, resulting in a late fee, or even a cancellation of coverage.
By bundling all insurance plans that are needed with only one company, an individual can look forward to having only one monthly due date for their bill.
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Save Money
It costs a great deal of money for insurance companies to write policies for new customers each month. Many people jump from company to company looking for ways to save on the protection they need. Insurance companies, however, would much rather cover people who have bundled their insurance with them instead of having to meet the needs of new customers each month.
For this reason, when people choose to have one company issue their policies, that company tends to offer multiple policy discounts as an incentive to stay with them for the long term.
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Coverage Gaps Can Be Avoided
Although most bundled insurance plans consist of auto, homeowners and life insurance, according to InsuranceTown.com many companies allow an auto and homeowners combination. This combination can help prevent gaps in coverage that are often not noted unless both policies are looked over carefully.
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Bundle More, Save More
The more insurance policies an individual bundles with one company, the more they can save in premiums on a monthly basis. In addition, if there is more than one vehicle used in the family, for example, that can help reduce the cost to the insured as well.
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Renter’s Insurance Can Often Be Bundled Too
Renters are not excluded from the benefits of bundling either. By bundling their renter’s insurance with their life and auto insurance, renters can save a great deal of money each month on their premiums while also enjoying the other benefits mentioned above. This can be a great motivator to purchase much needed renter’s insurance which is often overlooked until a crisis is near.
Bundling enables consumers to choose one insurance company to handle all of their coverage needs, letting them reap the benefits of both convenience and cost savings.
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Jeff Mathis has extensive knowledge of insurance policies having worked in the industry for many years. He enjoys blogging on the subject, offering his tips and opinions on a range of websites.
