Bundle Car And Home Insurance

Bundling car and home insurance

When insurance companies use the word “bundling,” they’re basically talking about giving you a package deal. Kind of like when you combo a meal at a fast food chain, you’re getting everything at a cheaper price together than you would get if you paid each item separately. That’s exactly what bundling insurance is all about.

In this case, the combo meal is your car and home insurance. By choosing to buy these two types of insurance from the same company, you can often save a good chunk of money compared to buying them from different places. Plus, it makes managing your insurance a lot easier. You have one bill, one company to deal with, and one place to call if you have questions or need help.

Why you should bundle car and home insurance together

Bundling home and auto insurance together can be a smart financial and practical move for many reasons. Here’s why you should consider it:

Savings, savings, savings

You generally spend less money when you purchase your home and car insurance from the same place. Imagine getting a discount just because you decided to shop in one place. That’s what happens here. You could save anywhere from a little bit to a lot on what you pay with home and auto insurance bundles.

And not just with home and auto insurance. You can also bundle multiple auto insurance policies together to receive a multi-vehicle discount. So, if you own car insurance, motorcycle insurance, and even boat insurance, don’t forget to ask about bundling all of them together.

Plus, beyond just the initial discount for bundling, you may find that your insurer offers additional perks or discounts (such as a loyalty discount) over time as a reward for your continued business.

Paying one deductible for shared claims

When you get your car and home insurance together, some companies let you pay just one deductible when something happens to both your car and house simultaneously. For example, if you accidentally ran your car into your garage door and had damage to both, you would only have to pay the deductible once instead of twice like you would if you had two separate policies with multiple insurance companies.

Keeping things simple

Managing your insurance policies becomes much easier when they’re all under one roof. You can often access your policy details, make changes, and pay your premiums through a single online account.

Plus, if you need help or have questions, it’s easier to talk to one insurance company that knows all about your insurance needs than to explain everything to different insurance companies every time.

How much can you save by bundling home and auto insurance?

In Canada, when you bundle your home and car insurance together with the same insurance company, you could save anywhere between 5% and 25% than if you had them separate. How much you save can vary a lot depending on which company you use, where you live, and the details about your car and house.

Every insurance company has its own unique deals for people who bundle insurance, so the amount you can save isn’t standard. Some places might give you a large discount to get you to bring all your insurance to them, while others might offer a smaller discount.

Looking at offers from a few different companies is recommended to find the best savings. Don’t forget to ask them how much you could save by bundling. But remember, while saving on your premium is important, you should also consider the quality of coverage and customer service when choosing an insurer.

Things to consider before you bundle your auto and home insurance

Several important things must be considered before you decide to bundle your home and auto insurance. It’s not always the best move for everyone, so here’s what to keep in mind:

Assess your individual needs

Everyone’s situation is different. What works for someone else might not be the best for you. Consider your unique needs, including the value of your home and car, your financial situation, and your tolerance for risk.

Look for the best deal

Make sure the savings from putting your insurance policies together are really worth it. Sometimes, keeping them separate might be cheaper. Always shop around to compare prices.

Evaluate the insurance provider

It’s important that the company you choose is good at helping you out when you need it. Look at what other people say about them. After all, life changes, and sometimes you need your insurance to change, too. So you’ll also want to ensure the company is easy to talk to and lets you adjust things easily as your needs change.

Make sure you’re fully covered

When you bundle, check that you’re not losing any important coverage to get a cheaper price. Both your house and car should be protected just as well as before, or even better. Also, make sure the insurance covers enough. If something major happens, you don’t want to find out you don’t have enough coverage and have to pay a lot out of pocket.

Understand the deductibles

If something happens to both your house and car, some bundled deals let you pay one deductible instead of two. While it can save you money in a claim situation, you should be comfortable with the deductible amount.

Review your policy annually

Things change, and maybe what was a good deal before isn’t so great now. It’s a good idea to look at your insurance each year to ensure it still fits your needs.

How to find home and auto insurance in Canada

Finding the right home and auto insurance in Canada involves a bit of research and possibly working with professionals who can guide you through the process. Here’s how you can go about it:

1. Do your own research

Starting your search online for house and car insurance in Canada is a great first step. Insurance companies have websites that tell you what they offer and can give you a rough idea of what you might have to pay. It’s a good way to start understanding your options without committing to anything just yet.

Next, you’ll want to compare how much different companies charge. There are several websites with free car insurance quote tools that let you look at prices from various insurers side by side. Just make sure you’re looking at similar types of insurance when you make these comparisons. This helps you see who’s offering a better deal for the same kind of coverage.

Reading reviews from others who have used these insurance companies can also be helpful. You can find out how happy they are with their insurance, especially when they needed to use it for a claim or needed help from customer service. Reviews can give you the inside scoop on which companies are good to their customers and which ones might give you a headache.

Lastly, it’s important to really look into what each insurance plan covers, how much you’ll need to pay out of your pocket for your deductible, and what the insurance doesn’t cover. You don’t want to just pick the cheapest option without making sure it actually gives you the coverage you need. Paying attention to these details helps you pick an insurance plan that’s not just affordable but also truly useful for you.

2. Work with an insurance broker

Looking for a good broker can make finding house and car insurance easier. Understand that brokers are there to help you see a variety of insurance quotes. This differs from insurance agents, who can only show you options from the company they work for. Brokers work with many different insurance companies, not just one, so they can show you several options to choose from.

Don’t be shy about asking questions when you talk to a broker. You can ask about what kind of insurance you should get, the good and bad points of different home and car insurance policies, and anything else you’re curious about. A good broker can help clear any confusion and ensure you understand your options.

Brokers can also advise you on how to save money, like bundling your house and car insurance with the same company. They can also assist you if you ever need to make a claim. Using their knowledge can simplify the whole home and auto insurance process and save you time and money.