The Value of Bundling Your Home and Auto Insurance
- An auto insurance quote with and without the multi-line discount illustrates how much could be saved, about $220.
- Whether you own or rent, if you insure your property with the same insurer covering your vehicle, you’ll save 5-15% off your combined premiums.
- Another way to benefit from a bundling discount is by insuring all your vehicles together. A multi-vehicle discount typically ranges from 10-20%.
Chances are you bundle your services like phone, internet, and TV because it saves you money. But do you bundle your insurance policies too? If you don’t, you’re missing out on a valuable discount that helps drivers get lower auto insurance: the multi-line discount.
We compared auto insurance quotes with and without the multi-line discount to find out how much could be saved. On average, the savings totalled $220.
While the savings will vary, it’s hard to overlook the chance to save a couple of hundred bucks. Especially when you consider the savings are likely going to be even more. Often the multi-line discount is applied to both the auto and home insurance policy.
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Multi-line is insurance jargon for what might be better described as multi-product. For example, auto insurance and home insurance are different products, and when you buy them from the same company, they’ll extend their thanks with a discount on your premium. The multi-line discount will generally range from 5-15 percent off your combined premiums.
Did you know? You don’t have to be a homeowner to qualify for the multi-line discount. A condo policy qualifies, too, as does a policy for tenant insurance.
Another way to benefit from a bundling discount is by insuring all your vehicles with the same company. If you live in a home with two or more vehicles, a multi-vehicle discount will typically save you in the range of 10-20 percent. What’s even better is there’s more to this discount than just the autos you regularly drive; think motorcycles and recreational vehicles as well.
Some things go well together, like peanut butter and jam. So when you get auto insurance, talk to your provider about your home insurance too. If you don’t, you may find that you’re missing out on one of the most common and valuable discounts available.