A multi-policy or insurance bundle is when you carry more than one type of insurance policy with the same insurer. For most people, that means bundling your auto and home or renters insurance but a bundle can also include policy types such as umbrella, motorcycle, boat, RV, snowmobile, ATV, and more.
Two Major Benefits Of Bundling Your Insurance Policies
- Savings Benefit. Most NY insurance companies provide cross discounts when you combine policies with some giving substantial savings opportunities. Depending on the specific situation, an insured could save hundreds or even more per year simply by combining all their policies with one insurance company.
- Convenience Benefit. By combining all or most of your policies with one insurer in makes it easy to manage your insurance in one place, especially for NY insurance companies that provide online account access, which most do. You can view your policies, print out ID Cards or binders, manage your payments and pay online, make policy changes and even file and track claims.
Some people get confused and think that you have to take out all your policies at the same time in order to be eligible for bundle discounts, but that is not the case. For instance, you have your car and renters insurance with two different insurers and now purchase a home. You can take out your new home policy with the same company that insures your car and receive a multi policy discount where both your car and home receive cross discounts.
Keep in mind that if you cancel one of the policies in the future, you will lose the discount on the remaining policy you have with that insurer.
Will Everyone Benefit With An Auto And Home Policy Bundle?
Not necessarily.
Most insurance companies that offer big discounts on auto and home policy bundles will not come through with the best underlying rates if you have poor credit or a negative claims history or both.
For those in this situation it may be better to get individual policy quotes from companies that don’t put as much emphasis on credit and claims history for their quote ratings.
Let’s say that you have poor credit but an excellent claims history. Utilizing a non-standard auto insurance company along with a Co-op or Mutual insurer for your home will most likely yield the best results for cheap NY car insurance and competitive home quotes.
Now assume that you have excellent credit but a few at-fault accidents on your driving record and no home claims. In this scenario your best quote options will most likely come from a non-standard auto insurance company for your car and a standard carrier for your home.
Multi Policies With An Independent Insurance Agency
A NY independent insurance agency has many options at their disposal as opposed to a captive agency which only has one option per product line.
Particularly in multi policy scenarios where credit, claims and youthful drivers come into play. Going with an independent agency can aid you in two different ways.
- Access to multiple insurance companies for multiple lines of business.
- They know your regional area and the insurance companies that rate the best for any particular scenario, whether that be with the same insurer or split among several carriers.
If you have any questions regarding auto, home and business insurance options, please contact us, we’re always glad to help. The NY Insurance Hub serves Albany, Schenectady, Troy, Latham, Cohoes, Watervliet, Clifton Park, Saratoga Springs, surrounding Capital Region areas and all of New York State from NYC to Buffalo.