We don’t often think about the prices we are paying for insurance except when we are initially shopping for it. During economic hard times such as these, though, it may just pay to take a closer look at what you are paying out each month for the various insurance policies you have. One possible way to save money on your insurance is to consider bundling your policies through a single company.
Many insurance companies now offer considerable savings to homeowners who choose to purchase their auto insurance coverage from the same company as their homeowner’s policy. One recent study revealed that more than 70% of homeowners are now taking advantage of this. It makes sense that companies should offer discounts on additional insurance coverage for customers that have established long-term relationships with the company.
Aside from the savings you will get by holding all your insurance policies with a single company, there are several other advantages to doing this as well. The convenience of paying just one monthly bill for your insurance versus several to different providers is also a compelling reason to go with one provider. Also, with just a single bill, it is far less likely that you will overlook paying one in any given month.
Customer satisfaction seems to be much higher with those who choose to bundle their insurance policies as well, according to industry surveys. As one source puts it: “Policyholders are more loyal to the company of choice and receive additional benefits from a company for whom they totally rely upon for all their insurance needs.” Several studies have shown that homeowners who chose to bundle their insurance with a single company were far less likely to switch to another company.
The advantages to bundling your insurance policies through a single provider are similar to the combination services offered through many cable service companies today. If you buy Internet service, phone service, and cable television service all separately, you are likely to be paying much more than someone who choose to get all three through a package offered by the cable company. Additionally, you are likely to get much better customer service from the combination, since you have just one point of contact for all three.
Shopping for bundled insurance services is not quite as easy as shopping for individual policies, but the effort is likely to pay dividends if you’re willing to do the work. Instead of just plugging in some numbers on a website for a single insurance policy, you may have to call those companies and see what they have to offer in the way of bundled policies. Chances are, you will find considerable savings both in terms of money and in terms of time and aggravation in paying your bills.
