What Discounts Are Available For Bundling Your Insurance?

Bundle Home & Auto in Indianapolis, IndianaA surprising number of people simply choose to use the same insurance company as their parents which means that oftentimes there’s a lack of insurance shopping. Moreover, it seems that the only time some customers look further afield is when they’re shopping about for lower rates. These shoppers can end up with their car insured with one company, their home policy with another, and so forth.

From this comes a tangle of insurance companies, policies, bills, and an endless onslaught of mail. In short, it can lead to quite a headache for policyholders and insurance companies alike.

Insurance companies offer discounts as an incentive for their customers to bundle multiple insurance products together.  These bundle discounts help to lock-in customers with the insurance company which oftentimes extends the amount of time those policyholders stay with that company.  And fortunately, these bundle discounts are additive. This means that you’ll often save more money with each additional type of insurance policy you purchase from the same company.

Bundling Home and Auto Insurance

One of the easiest and most common ways to save money on insurance is by bundling your home and auto insurance with one company. On average, this bundling option can save you anywhere from 10 – 20% on your overall premium.  When adding a life or umbrella policy to that auto and home bundle, it isn’t uncommon for that bundle discount to get as high as 35%.

How can insurance companies afford this?

These deep discounts can result in a significant reduction in premiums for insurers.  So how can they afford to discount these policies so much?  In short, economies of scale kick in since, overall, they’re making more money from each bundled customer. The alternative would be to write more customers with only one type of insurance policy which would require additional time, effort, and staffing. The benefit to insurers of offering significant bundle discounts more than outweighs the expenses associated with trying to write more single policy customers.

The best way to take advantage of these bundle discounts is to contact a licensed agent in our office.  We can assist you with assessing your insurance needs and provide you with some quotes from several of the top insurance companies.

Get A Quote For All Of Your Insurance Policies Today

Our licensed staff is ready to help you get multiple quotes for your auto, home, life and other insurance products.  Because we’re an independent insurance agent we can shop from multiple insurance companies to help you find the right coverage at the right price.

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Maximize Your Auto Insurance Savings With These Discounts

Auto Insurance Discount in Indianapolis, IndianaWhen it comes to auto insurance it seems like all we hear about is discounts. But what discounts are there and who is eligible for them? Let’s take a closer look.

  • Bundle Discounts: Bundling multiple policies like auto and home or auto and renters with the same insurance carrier can save you some money. The logic is that the more policies you have, the longer you will stay insured with the carrier.
  • Multi-vehicle Discount: If you insure more than one car on the same policy, you’re eligible for a discount. Any car is eligible for the discount if it is on the same policy.
  • Teen Driver Discount: Teen drivers are expensive to insure, there is no way around it. Fortunately, some carriers are more forgiving and give you a discount if they’re on your policy.
  • Good Student: The logic is that a smart student makes a smart driver. If your student driver maintains a 3.0 or better GPA, you may be eligible for a discount. This is great for parents needing to motivate their children.
  • Safe driver (accident-free): Many major insurance carriers will award safe driving discounts to drivers who have been accident-free for several years. The criteria vary between insurance carriers.
  • Military: Active and veteran military members are often eligible for discounted auto insurance. Ask your insurance agent to see if you qualify.
  • Early quote/signing: If you are looking to change insurance carriers or upgrade your auto insurance, getting a quote (and signing up) before your current policy has expired may get you a discount. You may need to get a quote within a certain number of days before your policy expiration, so check with your agent.
  • Paid-in-full: You’ll see the discount reflected in the price when you are presented with your options for paying your auto insurance policy. Paying off the policy in full will cost you a little less than paying every month.
  • Paperless: Don’t want to get a paper statement? Great, you get a discount. Most major insurance carriers offer discounts for customers who choose to do automatic billing and receive emails rather than paper statements.
  • Auto-Pay: When you opt for automatic payments for your insurance whether by credit card, checking draft, or debit, you can earn a discount.
  • Loyalty: Staying with the same insurance carrier year over year could earn you a discount for every loyalty milestone you hit. Typically, these rewards not only include a discount on the cost of your policy, but they can also include accident forgiveness.
  • Tracking Devices: Many companies now offer tracking devices for your vehicle. If you’re okay with your insurance company monitoring your driving behavior, you can earn a discount.

More important than insurance savings is having the right protection. That’s why it is important to reach out to a licensed agent in our office to review your coverage. Getting the cheapest policy isn’t always the best decision if you have assets to protect. Insurance quotes take just a few minutes but the right advice and consultation about the right coverage can save you a lifetime of hardship.

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