How to Get a Multi Policy Discount
Save with Multiple Insurance Policies
Insurance companies want your business -- all of your business. If you take out multiple types of insurance from the same company, you spread your risk out for the insurance carrier, meaning hopefully that if you have a claim on one policy, you will not have a claim on the other. This is why the multi-policy discount was created: it is designed to entice you into purchasing multiple policies with the same carrier. The multi-policy discount is one of the biggest and best discounts given by insurance companies. Make sure you are getting the best insurance price possible by learning how to get a multi-policy discount.
Multiple Policies with the Same Carrier
The simplest way to get the multi-policy discount is by moving all of your policies to the same insurance carrier. Look for an insurance company that offers coverage for all of your required policies. If your current car insurance provider does not provide home insurance and you are shopping for a home, look into switching your car insurance to a carrier that offers both auto and home to get the multi-policy discount. Additionally, if a new driver needs car insurance, ask about a family discount. Thinking of purchasing a new boat, RV, or vacation home? Ask your insurance provider about discounts for adding those types of policies as well.
Types of Policies Eligible for the Multi-Policy Discount
In more traditional companies, you will likely only get a multi-policy discount on your Auto Insurance policy if you combine it with a home policy. This sort of policy can be a renter's policy or home policy, but a traditional home policy usually has the most significant effect on your car insurance rate. Check with your insurance provider to see if the multi-policy discount is available if you have a motorcycle, boat, or RV as well.
Home Insurance should always be paired with your car insurance. The discount can range from 15 to 25 percent depending on your insurance carrier. Generally, the only way a home is eligible for the multi-policy discount is if the auto is insured through the same provider. The multi-policy discount will be applied to both the auto and home policies.
Boat Insurance can also receive a multi-policy discount if combined under the same insurance provider as your auto and home.
RV Insurance can usually benefit from the multi-policy discount too if combined under the same insurance provider as your auto and home.
Some insurance companies offer more bundling options than others do, but if you look hard enough, the possibilities are endless: you can get a bundling discount on snowmobile or ATV insurance, or even insurance on your golf cart or segway.
Tips to Help Get the Multi-Policy Discount
- If you are switching agencies for any given reason, but want to continue with the same carrier, you are still eligible for the multi-policy discount. For example, if you are moving to a different state and need to switch your home insurance immediately but want to wait to change your auto, you would still qualify for the multi-policy discount by going with the same insurance carrier. Be sure to inform your new insurance agent you have another policy with the same carrier.
- Multiple policies in the same household are also eligible for the multi-policy discount. For instance, a teen driver in the house with a separate auto policy is often eligible for the parent's home multi-policy discount if insured through the same insurance carrier. Verify this discount with your insurance provider.
- Get the multi-policy discount before you switch all your policies over to a new carrier. As long as you commit to switching all your policies over in a given period, you can get the multi-policy discount on a policy in advance. For example, if you switch your auto insurance to a new carrier but want to wait to switch your home policy until it renews, let your new carrier know about the future switch. Most of the time, you can get the multi-policy applied to your auto insurance before you switch your home, saving you some cash.
Bundling all insurance policies with one insurance carrier is usually the fastest way to save on household insurance expenses. Streamlining your policies through one insurance carrier will not only save you money but also time figuring your bills and filing a claim. It is possible to find savings a la carte, but it is tough to beat the multi-policy discount.