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Want to easily save money on your insurance? Purchasing multiple insurance products from the same company is called an insurance bundle, and it’s a smart and simple way to save. Bundling is beneficial for both you and your provider. You get to streamline your insurance with one bill and one renewal date, while your provider can receive business on more than one product. To reward you for this, providers will offer discounts of up to 15% off both policies. Bundling makes sense!
Every dollar counts, especially when the costs of owning a vehicle and a home 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. Most insurance companies offer multi-product discounts if you buy both of these products from them. The savings are good, too! Insurance companies in Canada offer a 5% to 15% discount off individual policies when you choose to bundle them. Considering the average Ontario resident pays $1,505 per year for car insurance (Insurance Bureau of Canada: 2019 report) and $1,284 for home insurance (J.D. Power Canada: 2018), bundling them together could mean annual savings of $345.15 per year.
Not only does bundling reduce your insurance rates, but your monthly bills too. Since you only need to deal with one provider, you can reduce your insurance bills to only one payment and a single renewal date. It’s a convenient way to save!
A multi-line discount refers to the discount you receive when you buy multiple different insurance policies, such as auto and home, from the same provider.
Bundling your car and home insurance offers plenty of benefits:
If there is an incident in which your home and car are both damaged, (for example, you reverse into your driveway, and your rear bumper hits your house), a bundled home and auto policy means you may only have to file one claim and may only have to pay one deductible. Without bundling, you would have to file separate claims for home and auto, recounting the event for each insurer, and pay separate deductibles.
It’s super easy! When you fill out a car insurance quote on RATESDOTCA, you will be asked if you want to move your home insurance to the same company for a discount. Make sure you select “yes” to get the right results. Once you select a quote that you are happy with, we’ll connect you with the insurer, who will ask a few more questions about your home.
Bundling your home, condo or tenant insurance with your car insurance could save you hundreds of dollars each year.
Use RATESDOTCA to find a better rate. Compare quotes for insurance bundles today.