What does it mean to bundle home and auto insurance?
Purchasing multiple insurance products from the same company is called an insurance bundle, or policy bundling. Typically, people bundle their car insurance and home insurance to take advantage of discounts off both policies. The discount offered by insurers by consolidating these multiple insurance products is called a multi-line, or multi-product discount. You can get additional discounts if you have multiple vehicles that you insure with the same company. Bundling your policies can help you save hundreds of dollars annually.
How to bundle your car and home insurance quotes on Rates.ca
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3. Choose the right coverage
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Why bundle home and auto insurance?
Why bundle home and auto insurance?
Every dollar counts, especially when the costs of owning a vehicle and property seem to go up every year. In Canada, if you drive a car, you legally need car insurance, and if you pay a mortgage, then lenders typically require you to have home insurance as well. Bundling policies is a great way to reduce time and money associated with using different insurance providers, while also helping to lower overall insurance premiums.
By bringing both your policies under the same roof, you’re eligible for a convenient discount. Most insurance companies offer discounts on bundling home and auto insurance policies, but you don’t need to be a homeowner to be eligible. You can bundle your car insurance with tenant’s insurance or condo insurance too.
How much will I save with a home and auto insurance bundle?
Insurance companies in Canada offer anywhere from 5 to 15 percent discount off individual policies when you choose to bundle them. Car insurance premiums are the highest in Ontario, and bundling your policies can make a huge difference financially. Not only does bundling reduce your insurance rates considerably, but you also only need to deal with one provider. This can reduce your insurance bills to only one payment and a single renewal date. It’s a convenient way to save!
What happens if my home and car get damaged at the same time?
In the off chance your home and vehicle are damaged at the same time, say for instance your car causes damage to your home, you would need to only file one claim and, in some cases, pay just one deductible if you have your home and auto insurance bundled with the same insurer. Without a policy bundle, you would need to file separate claims for both your home and car and pay separate deductibles.
What are the advantages of bundling my home and auto insurance policies?
- You save money on your insurance premiums
- You only deal with one insurance company
- You can combine your bills and payment statements
- You can align your renewal periods
- You could have a single deductible
- You can more easily identify any coverage gaps
- You don’t need to be a homeowner to bundle your policies
- You can add more vehicles that you own and be eligible for a lot more savings
- You can save even more, when you choose to pay premiums in a lump sum amount instead of paying monthly.
Tips for bundling your home and auto insurance
- Shop around and compare quotes for bundled policies just as you would when comparing car insurance. Use Rates.ca to get multiple quotes from several insurance companies and choose the best one.
- Compare costs of policies combined with the costs of buying them as separate policies. If you are getting lower rates when you total the separate policies, it may not make sense to bundle. However, talking to your insurance provider and asking for this discount could bring your premiums down.
- Make sure you have enough coverage and understand what is excluded. Re-evaluate every so often to make sure you are getting the most value for what you are paying.
- Compare wisely, and do not necessarily jump at the first and cheapest quote. Make sure you know what’s in the coverage, what are the changes in your deductible, and what discounts have been applied.
To bundle or not to bundle: What are the cons?
There aren’t many cons to bundling your home and auto insurance bundle, however, the trouble with bundling policies is that there is a chance that you could forget to check in to see of your premiums have gone up. When you bundle your home and auto insurance, chances are that you are less likely to shop around or compare other policies that could give you a better rate.
Whether you have your policies bundled or not, always compare quotes online before renewal time and whenever you have a major life change happening. Your insurance rates depend on a lot of other factors too, so it’s worth comparing again when you move, for example, or reach another life milestone such as retirement.
How can you save by bundling home and auto insurance on Rates.ca?
How can you save by bundling home and auto insurance on Rates.ca?
It’s super easy! When you fill out a car insurance quote on Rates.ca, you will be asked if you want to move your home insurance to the same company for a discount. Make sure you select “yes” if you’re interested so the insurer can ask you about your home insurance next. In just a few minutes, you will get quotes from multiple providers.
Compare quotes to find the best rate on bundling your home and car insurance policies today.
