Bundling home and auto insurance is the practice of combining these two coverages with the same company. Many companies offer a discount when you buy multiple policies and the paperwork can sometimes be easier this way.
People often ask us, “Should I bundle my home and auto insurance?” There’s no one-size-fits-all answer, so let’s explore this more.
Consider bundling your home and auto coverage
Many insurance companies will offer you a discount if you choose to get your home and auto insurance bundled with them. These discounts can run anywhere from 10% to 25% of the policy premium, which can result in significant savings. In addition, you may be able to pay the premium for the policies together, which adds convenience. Even if you do have to pay separately, just dealing with one insurance carrier can save you time when your renewal rolls around.
Check the individual policy prices and coverages
The discount and the convenience of having your home and auto insurance bundled can be very enticing, but if savings are what you’re after, this may not be the least expensive option. Additionally, some companies may only bundle certain policies, leaving you buying more coverage than you need simply to get the bundled rate. Our team of insurance advisors can help you comb through the details to find the policies that are right for you.
You can bundle auto insurance with renters insurance, too
While home and auto insurance are commonly referred to together as an option to bundle, this doesn’t necessarily help someone who doesn’t own their home. If you have renters insurance (and you should), you may be able to bundle that policy with your auto policy as well.
Average Home and Auto Insurance Bundle Discount in Newfoundland & Labrador
The example below illustrates how significant the savings from combining auto and house insurance policies may be.
The average Newfoundland & Labrador vehicle insurance rate was anticipated to be $1168 according to the IBC in 2021. The cost of homeowner’s insurance was $780.
The total cost is $1978 in a situation where the policies are bundled and a bundling discount of 15% is used. This equals an annual savings of almost $300.
Expert Advice
There’s more to insurance than the price of the policy and Wedgwood goes above and beyond for our clients with expert advice you can trust, but don’t take our word for it! There’s a reason we’re Newfoundland & Labrador’s most trusted insurance broker.
With over 220 Google My Business reviews, come experience the Wedgwood difference with expert advice from our dedicated team. We work to ensure that every client has the coverage that best suits their needs through upfront complimentary consultations and midterm reviews.
Questions about bundling your insurance? Contact us today.
