Between homeowner's, auto, life, and countless other types of insurance, most people purchase policies to cover everything. While promotional pricing and deals can often be too enticing to pass up, they can also lead to having several different insurance carriers. This isn't necessarily a problem, but there are several benefits to decreasing the number of insurance service providers through bundling.
1. Lower payments
Much like cable, internet, and home phone providers, most insurance providers offer package deals when multiple types of insurance are purchased. You may not be able to get the absolute bottom-dollar rate for a specific type of insurance (such as auto coverage), but significant monthly savings can be found through rebates on other insurance applications (like homeowner's insurance or rental insurance).
2. Single monthly bills
Another benefit of utilizing a single insurance service provider is decreasing the number of bills you receive each month. Instead of receiving separate notices for car insurance, boat insurance, and renters' insurance from different insurance companies, using a single agent means only having to keep track of a single bill each month. This can be especially handy for people who tend to lose or forget to pay bills--it's a lot easier to keep track of a single responsibility than four, five, or more each month.
3. Work with a single agent
In addition to only receiving a single insurance bill, working with a single agent for all of your insurance needs can be a huge benefit. Using only one insurance provider can allow your agent to get a little more in touch with your insurance needs, providing better coverage (or more attractive monthly premiums) as a result. Plus, if you ever have questions or problems with your insurance policy bundle, you know exactly who to call.
4. Packaged deductibles
One lesser-known benefit of bundling insurance policies is the possibility of only needing to pay one deductible for multiple claims. For example, a hail storm causing damage to both your car and your home could mean you pay one "package" deductible instead of separate deductibles for your home and car repairs. This policy will vary by insurance companies, but it could be a very strong motivator, especially if you choose policies with higher deductibles.
Bundling your home, auto, life, accident, motorcycle, travel, and other insurances can definitely pay off over the long run. Many insurance providers reward their loyal customers through bundle rebates and package deals. In addition to financial incentives, it can be very nice to receive a single bill and get personal treatment from an agent instead of being simply another policy number to several different insurance companies. Bundling insurance options into a single package is definitely worth exploring, and it's as simple as calling.
Contact an agency like Sunset Insurance Agency to learn more.