Benefits of Combining Your Insurance with One Company

Benefits of Combining Your Insurance with One Company

There are huge advantages to combining your auto and home insurance with a single company. The biggest and most direct benefit is getting a multiple-policy discount.

However, it goes beyond that, and the advantages can work in your favor. Let’s look at the numerous variables on why this really works to your benefit.

Discount

The combined auto-home or multipolicy discount, as some companies call it, can result in some real savings; in many cases, it can amount to hundreds of dollars per year.

The best part of this is that the discount applies to both policies and, depending on the insurer, often ranges from 10% to 20% off the total price.

Let’s say you own three cars and a home. Your auto policy runs to $2,500 per year and your home policy to $1,000. Let’s further state that the auto discount is 10% and the home discount is 15%. This would result in $250 off the auto insurance and $150 off the home insurance. Combined, that’s $400 savings annually.

Single online portal

Most companies give you online access, and, when you combine your policies, you only need one log on to access all your documents and online needs. Nowadays, consumers have so many websites they need to access and so many passwords they need to save, so having single access simply eliminates another portal that you may need access to. It simplifies your life.

Umbrella policy

Umbrella policies give you upper-tier liability coverage. If you have equity in your home, financial assets and you make good wages, you would want to secure an umbrella policy in order to protect your assets and future earning power in case of a catastrophic auto accident or serious liability incident that may occur in your home.

Many companies require that you have your auto and homeowner’s policies combined in order to qualify for these low-cost/high-coverage policies.

The takeaway

With cost savings, a single point of contact, a simplified life and qualifying for extra coverage, having a single company really goes a long way toward bringing great value to your insurance program. This is why insurance agents oftentimes will recommend a single company and would want to quote your personal insurance with one company.

If you do not have your insurance with one company, you would likely do yourself a huge favor by asking your agent to combine policies ― or by consolidating your insurance if you have more than one agent.