Can You Bundle Renters Insurance and Car Insurance?
What if a single phone call could help you save money each month?
If you rent your home, chances are you have both renters insurance and automobile insurance. These different policies help protect what is most important to you while providing peace of mind. It is possible to save on such protection, though — all you have to do is bundle renters and car coverage together.
How does bundling work? How much can you save, and how easy is it to get started? Keep reading to learn all about it.
Understanding the Basics of Bundling Car and Renters Insurance
Can you bundle renters and auto insurance? The short answer is yes, this is completely possible.
All you really need to do is to get both forms of coverage through the same carrier. Doing so can help you immediately start saving on each policy. However, there are some pros and cons to this approach and other important bits of info you will need to know before you can make your decision.
The Mechanics Behind the Bundle
Mechanically, renters insurance bundles are very straightforward. Presumably, you already have this coverage from one carrier and your automobile coverage from another carrier. By getting both policies from the same carrier, you can qualify for an instant discount.
Some people hesitate to bundle renters and car insurance together like this because they think it sounds too good to be true. However, insurers look at combining as a mutually beneficial decision. Anyone with multiple policies through the same carrier is likelier to stick around and become a loyal customer. By passing the savings to you in the form of a bundling discount, carriers encourage you to stick around by doing their part and giving you a special financial incentive.
How Combining Policies Can Lead to Greater Discounts
As described above, insurers are typically happy to offer discounts to those who bundle policies. To save as much money as possible, it is important to get quotes from many different carriers until you find one offering both the rate and the coverage for which you are looking. After that, bundling through a single company can help you save even more (typically 5–10% compared to what you would otherwise pay for separate policies).
The Impact of Bundling on Policy Management
Most people who look into renters policy bundles focus on how much money they can save. While such savings are important, you should also know that a bundle can also help you save plenty of time.
Getting all your coverage through the same carrier means you do not have to manage two different policies from two completely different companies. Streamlining everything helps you save time on policy management.
Pros and Cons of Bundling Insurance
Can you bundle renters and auto insurance? Absolutely. Should you bundle home and auto insurance, though? Not necessarily.
There are benefits and drawbacks when you combine renters and car protection. By knowing more about what these are, you can make the best possible decision for yourself.
A Glimpse into the Benefits of Bundled Insurance
This guide has already touched on the chief benefit of bundling — namely, that it helps you save money compared to buying these policies separately. This can also help you save time because you only have one carrier with which to communicate and, as needed, file claims. All insurance is designed to protect your financially when the unexpected happens. If your vehicle has been involved in a crash, you’ll quickly learn why auto insurance is so important. Likewise, if you must replace your belongings because something happened to your rental, you won’t have to cough up thousands of dollar to replace everything.
Common Pitfalls to Avoid When Bundling Insurance
The main potential drawback of a bundle is that, depending on the carrier you choose, you might end up losing money, getting worse coverage, or both.
When you bundle, it requires canceling at least one policy so that you can get everything through the same carrier. If you are not careful, you may discover that the new policy costs more than the old one or does not offer enough protection.
In rare cases, you may ultimately be able to save more money by getting low-priced policies through different carriers than combining through a carrier that will charge you more for each policy.
Ready to Start Bundling Your Insurance Policies? Get A Quote
Now you know how to bundle renters and car protection. Furthermore, you know how and why this process can save you both time and money. And you also know to shop around before bundling in order to maximize your savings. However, to maximize the value of your bundle, you need a carrier who is looking out for your best interests.
At InsureOne, we specialize in insuring homes and automobiles, and we think you deserve to save as much money as possible. When you are ready to experience the InsureOne difference, come get a quote online. Of course, you can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to find an InsureOne office near you.
FAQs About Bundling Insurance
Combining your automobile and renters coverage together is easy enough, especially with the help of a good carrier. However, chances are you have lingering questions regarding this process. By reviewing answers to the most frequently asked questions regarding bundling, you can finalize your decision, knowing you are making the best choice.
Can I Bundle Car and Renters Insurance If They Are from Different Providers?
By definition, you can only bundle two policies by getting them through the same provider.
What Happens If I Want to Cancel One Policy After Bundling?
After cancellation, you will most likely lose your existing discount.
Is It Possible to Adjust Coverage Levels After Creating a Bundle?
With most carriers, the bundling discount is separate from the policies themselves. Therefore, you may be able to tweak coverage levels on one or more policies and maintain the existing discount.
Will Bundling Car and Renters Insurance Always Save Me Money?
Bundling will always help you save money compared to getting the same policies separately from the same carrier. However, there is always a chance that you could get better prices by purchasing separate policies from separate carriers. For this reason, it is always important to shop around before combining to ensure you are getting the best possible rate.
How Does the Claims Process Work with Bundled Insurance Policies?
Bundling policies does not affect the claims process; to file a claim, you simply need to call your carrier. You will now also only have one number to call for your claims and coverage needs, which can help you save time.