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What Does It Mean To Bundle My Insurance Policies?

What Does It Mean To Bundle My Insurance Policies?

What Does It Mean To Bundle My Insurance Policies?

Bundling your insurance policies means obtaining multiple policies from the same insurance company. Getting your home, life, and car insurance from the same company is considered bundling.

Why do People Bundle Their Insurance Instead of Getting Separate Policies from Different Companies?

The answer to that question is quite simple, a lot of insurance companies give their clients discounts if they bundle their policies. According to a study conducted by J.D. Power and Associates in 2011, 77 percent of insurance customers bundle at least two of their policies. The most common policies bundled together are home and auto insurance.

Some insurance companies offer their customers more than a discount on their premium. For example, MetLife Auto & Home’s Grand Protect program allows their customers to pay only one deductible if a property insured by multiple policies is damaged. If you bundle your home and auto insurance through the MetLife program, you would pay the highest deductible on both policies and the other deductible would be waived.

Having your policies bundled together makes it convenient to manage your insurance because you only have to deal with one company for all your insurance needs. If all your insurance policies are with the same company, you only have to deal with one agent. If you have policies with multiple companies, you have to deal with a few agents which can be a little frustrating.

Sometimes, bundling isn’t always the best way to handle your insurance needs. Having all your insurance policies handled by one company prevents you from taking advantage of discounts offered by other companies. It also prevents you from shopping around and finding lower premium rates.

Before you consider bundling your insurance policies, you should shop around and compare bundled and unbundled rates to find out what your best options are. You should also compare the deductibles and coverage provided by the different policies as well as the reputation of the insurance company before you commit to them.

 

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