When we’re looking to purchase or renew any of our insurance policies, shopping around is always a great idea. Whether we decide to look for different options online, or directly contacting different companies, the more prices we review, the better. Looking for insurance bundles with the same company might also be an option to consider.
We know that insurance companies always try to set personalized packages of different policies for you. After all, having one insurance for all our policies sounds the most reasonable and convenient thing to do. However, we have to make sure these insurance bundles will really offer significant savings or not. First, we need to understand exactly what insurance bundles consist of. Then, we can look at the advantages and disadvantages that come along when we purchase insurance bundles.
What Are Insurance Bundles?
Cable companies that also provide internet and phone services offer special prices if you get two or more services with them. The same happens with insurance bundles. Insurance companies might offer discounts or special prices to policyholders who decide to purchase different types of coverage with them.
It is common to have our car and home insurance with the same company. However, there are other types of policies you can combine, like a motorcycle, health, life, and even business insurance. The type of bundle you get depends on what you need, and what a given company might offer.
What Are the Advantages of Insurance Bundles?
There are several advantages that come from getting an insurance bundle with our carrier. To begin with, companies usually offer lower prices for purchasing different policies with them. It seems like the reasonable thing to do, right? You are saving money, filing claims might be simpler, our coverage might be more complete, and it’s just more convenient for both you and your company.
Having different policies with the same carrier also gives us peace of mind. This way, we don’t have to worry about making multiple payments on different dates. Our renewal takes place on the same day, too, so we don’t have to worry about facing penalties or being stuck with a company we don’t like.
What Are the Disadvantages of Insurance Bundles?
Even when it seems like there can’t be any disadvantages, there are possible downsides of insurance bundles. For one, some insurance companies might make it difficult, almost impossible, to switch providers after a certain period of time. Besides, we might be subject to substantial increases to our premiums after a while, too.
This is why we have to remember to check with our insurer every year and make sure our insurance bundle still represent savings for us. We should also keep an eye on other companies, as we might be eligible for a more substantial discount there. At the end of the day, we are looking for the best deals, and insurance bundles are offered by most if not every insurance company out there. Finding an offer that suits your needs and fits your budget is always an option, we just have to look deeper.