Bundling services and products is a tool that allows the consumer to purchase the services they need from one provider. In this case, consumers who need multiple forms of insurance for their cars, homes, rental apartments, condos and more, can use one provider for all of it, who will usually offer a discount for bundling all products together – which can range from 5% to 15% (as opposed to purchasing each individually at full price). This is like paying for cable, mobile phone service and internet from one provider at a discount.
Many providers package their insurance bundles in different combinations.
For example, home and auto insurance bundles are common as it is likely homeowners also own cars. Insurance companies want to attract and retain customers, and consumers want to save on the high prices of insuring their homes and autos individually.
Similar bundles exist for condo and auto insurance. Many downtown condo dwellers might not have as many cars as homeowners, but they still need to get around and bundling the two gives condo owners a cheaper rate as well.
Another bundle that insurance companies offer is for tenant insurance and auto insurance. Again, this allows tenants to get the cheapest insurance possible for their dwelling and auto needs.
Benefits of bundling insurance:
Individually, average home insurance in Ontario costs $1,487 per year whereas auto insurance costs $1,748. Buying them separately would cost $3,235.
By bundling, you’d save 15% of that total number for savings of $485.25 or $2,749.75.
In Alberta, average auto insurance costs $1,991 per year and average home insurance costs $2,271 per year. Similar to Ontario, buying these two auto and home insurance premiums separately would cost $4,262 annually. By bunding this insurance you could save 15% or $639 per year.
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What you need to know when looking at bundling your insurance products.
A multi-line discount reduces total insurance rates by up to 15% when customers purchase multiple types of insurance, such as home and auto coverage, from the same company.
There are times when home and auto insurance are not available. For example, high risk drivers that need specialty insurance may not be able to bundle as they would have to seek out a separate insurer for their auto needs.
Similarly, a home that is uninsurable or perhaps has had too many claims made on it would also force a consumer to seek out individual policies that meet their specific needs.
Multiple drivers can benefit from a multi-car insurance policy and will have a single liability limit that covers all the vehicles and drivers. The policy will also have a single statutory benefits limit to protect all drivers and passengers. However, each vehicle can maintain its own coverage and limits when it comes to individual coverages. This allows you to put the right amount of coverage for each separate car.
It’s possible that you can lose your discount by making a claim. In some provinces, Ontario, Quebec, Nova Scotia, New Brunswick BC, and PEI, premiums stay the same if you are not at fault. But some insurance companies will often re-introduce a discount if you’ve been claims free for an extended period of time.
Yes, it is possible that your home insurance claim could affect your discount. In provinces like Ontario, Quebec, Nova Scotia, New Brunswick, BC and PEI, premiums stay the same if you are not at fault. However, some insurance companies will bring the discount back if you haven’t made a claim in a long time