Have you ever been browsing insurance options and come across the suggestion to bundle and save? Whether you’re not quite sure what that means or are curious about the savings bundling your insurance policies together could bring, you’re in the right place.
This article breaks down what insurance bundling is, the potential benefits, and how it can help you save money on your insurance premium, all so that you can decide whether bundled insurance aligns with your needs and preferences.
What Does Bundled Insurance Mean?
Bundled insurance refers to the practice of purchasing multiple types of insurance coverage as a package deal. So, rather than buying one policy for your home, condo, or rental unit from one provider, and then a separate car insurance policy from another, the idea is that you “bundle” those policies together into a single package.
There is a lot you can gain from bundling your insurance. In fact, here are five of the top reasons why many Canadians choose to bundle their insurance policies:
- Cost-Savings: By bundling your insurance policies, you become eligible for discounts that could substantially lower your overall insurance premium, discounts you may not have qualified for otherwise.
- Customer Experience: When you purchase bundled insurance, the paperwork, billing, and communication related to your insurance policies often get consolidated, which many customers prefer.
- Convenience: With all your insurance needs consolidated through bundling, anytime you require additional coverage, you have a convenient starting point, saving you time and effort in searching for suitable coverage or savings.
- Claims: Another benefit of bundling your insurance policies together is that it can streamline the claims process, especially if you find yourself dealing with an accident that affects multiple aspects of your life, such as both your home and car.
- Customization Options: Depending on your insurance provider, there may be different customization options available to customers who bundle their policies. This may allow you to secure coverage that would otherwise be costlier to obtain from another provider.
Does Bundling Insurance Save Money?
Yes, bundling insurance can save you money, but the conventional approach of bundling multiple products from a single insurance company might not always be the best way to maximize your savings. With this approach, you’re strictly limited to that insurance company’s policies and prices. While this will earn you some savings, typically through a multi-policy discount, it may not necessarily save you the most money possible.
How to Find the Best Home and Car Insurance Bundle
Before you make any final decisions, collect both bundled and unbundled quotes from multiple insurance companies. Then, compare all your options to see which offers the best pricing. If you’re considering bundling solely to save money, ensure that the discount you receive justifies the decision.
In addition to comparing prices for policy bundles from a single insurance company, consider looking at individual car and homeowners policies from separate companies. Sometimes this “mix and match” method can be more cost-effective than traditional single-insurer bundles, even with the bundling discount.
Why Bundle Through YouSet?
At YouSet, we’ve streamlined the process so you can get multiple quotes in minutes. In fact, we’re the only digital broker in Canada who is able to automatically compare the cost of bundling home and car insurance from a single insurer against the cost of mix-and-match home and car insurers. Whichever option offers the optimal balance of coverage and savings is the one we present to you. Of course, if you prefer to bundle your home and car insurance policies from a single insurance company for convenience, you may still choose that option.
Conclusion
Clearly bundling insurance can save you money. However, many Canadians hesitate to take advantage of the opportunity. Some may believe they’re locked into their current policy until its renewal date, while others find the process too daunting or time-consuming.
If you’re nodding in agreement, you’ll find it reassuring to know that not only can you switch from your current insurance company at any time, but bundling policies can also be surprisingly straightforward. In fact, it’s not all that different from purchasing a single policy. Granted, it does help to choose an insurance company, like YouSet, who has a team waiting on standby to help you navigate the process and answer your questions.