Friday, 25 August 2006
Multiple Policies, One Insurer: An Easy Way To Save Money
Insurance is one of those things that everybody needs, but no one likes buying. It’s one more monthly bill to pay… but going without it is risky. In some cases, it’s illegal — you can’t drive a car in most states without having auto insurance.
When most people buy insurance, they end up with a handful of policies from different companies. But here’s an easy way to save that many people miss: get the policies you need from one insurance company. Chances are, the company will give you a nice discount for bundling your policies.
For example, Allstate will cut you a discount of up to 10% on your car insurance if you also get a homeowners policy through them. People who take out condo, mobile home, or (in some places) renters insurance are also eligible for the discount.
It doesn’t always have to be different kinds of policies, either. Many companies give you a discount when you insure more than one car with them. State Farm will take as much as 15% off your auto premiums for this.
Still, that doesn’t mean you should always take out a new policy with your current insurer. You might find a policy with a different company can save you even more money, even after factoring in the discount you would have gotten. Saving 10 or 15% you would’ve saved is nice — but wouldn’t it be nicer to save more?
Before you take out any new policy, make sure you do your homework with your current insurer AND several competing companies.
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