How to Get a Multi-Policy Discount

Are You Missing Out on the Biggest Insurance Discount?

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Insurance companies want your business—all of your business. 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, which is also sometimes known as a "bundling" 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 a multi-policy discount. Additionally, if a new driver needs car insurance, ask about a family discount.

Tip

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.

Home insurance should always be paired with your car insurance. The discount can range from 15%to 25%, depending on your insurance carrier.

Boat insurance and RV insurance can also get you a multi-policy discount 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 may be able to get a multi-policy discount on snowmobile or ATV insurance, or even insurance on your golf cart or segway. 

How to Get the Multi-Policy Discount

It's usually easy to get a multi-policy discount if you just ask. Here are some tips for saving money through bundling.

Changing Policies With the Same Carrier

If you are switching agencies for any given reason, but you 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 you want to wait to change your auto, you would still qualify for the multi-policy discount by going with the same insurance carrier.

Tip

Be sure to inform your new insurance agent you have another policy with the same carrier.

Multiple Policies in One Household

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 Your Discount in Advance

You can even 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.

The Bottom Line

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 can also save you time figuring your bills and filing claims. While it is possible to find savings a la carte, it is tough to beat the multi-policy discount.