Photo: Todd Dwyer
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People are always looking for ways to save money on their insurance. Whether it is auto insurance, home insurance, or even travel insurance; getting the best possible price is important. Who wants to pay more for insurance if they don’t have to, right? Well, the truth is that there are lots of people that are overpaying for both home and auto insurance for one simple reason.
What is it? It is surprising how many people don’t combine their insurance policies into one plan with one insurer. Doing this will qualify them for a discount with almost any insurance company.
But, if you have your home and auto policies with separate companies, then you need to decide which company is the best option. Obviously, price will be the major determining factor, but you also have to weigh other factors such as other potential discounts, customer service, and overall reputation of the insurance company.
How much of a cost savings?
Combing your policies with one insurance company will save you money. But, everyone always wants to know how much. While the total amount of saves will vary from insurer to insurer and be dependent on things like your driving history and where you live, most people experience approximately a 15% savings on each policy.
That is a considerable amount of savings for the minimal amount of work that is required to switch over to one company. And, if you use a broker, it will take even less work on your part.
The benefits of combining home and auto insurance
Cost savings is not the only benefit of combining your plans. There are also a number of less thought of benefits to only having one insurance company to deal with. They include:
- One payment: One of the most convenient things about combining your policy is that you will only have to make one payment for both forms of insurance. That means one monthly payment coming out of your account on the same day each month, which is much easier to track from a finance perspective.
- One contract: Combining policies makes things easier for you in the sense that you only have to sign one contract, with one insurance company. This will simplify things as you will only have to read through and review one contract.
- One renewal: Another benefit of combining your policies is that you will only have to renew one contract each time. Therefore, you can review your contract, search for quotes, and sign a new contract only once.
- One place to contact: If you have to make a claim, have a question, or need to contact your insurer for any other reason, you will only have to talk with one company and one insurance profession. It’s nice to know that you only have to contact one person for all of your home and auto insurance needs.
Outside of saving you money, there are also many additional benefits that you will experience when you combine your home and auto insurance into a single policy. Doing this will simplify your insurance and save you money at the same time.