Chances are you bundle your services like phone, internet and TV because it saves you money. But do you bundle your insurance policies too? Probably not. More than 70 per cent of recent InsuranceHotline.com shoppers who came to the site to get car insurance quotes opted NOT to bundle their auto insurance with their home insurance.
In dollars and cents, that totals about $140 in savings missed (we completed a quote, with and without the multi-line discount included) and the difference between the two lowest quotes was $143. But the savings missed, could in fact be more, because often the multi-line discount is applied to both policies; the auto insurance policy and the home insurance policy.
Multi-line is insurance jargon for what might be better described as, multi-product. Auto insurance and home insurance are different products, and when you buy them from the same insurance company they’ll often reward you for bundling. In the insurance world this is called a multi-line discount and it can range from anywhere from five to 15 per cent off of one, or even both of your policies.
Did you know? You don’t have to be a homeowner to qualify for the multi-line discount. A homeowner’s policy, condo and tenant (e.g. contents) policy qualifies too.
Another way to bundle your policies is by insuring all your vehicles with the same insurer; doing so, could qualify you for a multi-vehicle discount. There’s more to this discount than just the autos you regularly drive; think motorcycles and recreational vehicles too.
Better Together – Home and Auto Insurance Bundle
Some things just go well together, like peanut butter and jam. 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.