Do you work with multiple insurance carriers for each of your policies? If your insurance policies are with different companies, you may be missing out on multi-policy insurance discounts.
What Are Multi-Policy Insurance Discounts?
Insurance companies don’t want to lose your business. And chances are good you don’t want to pay more money each month to your insurance company. The good news is that many insurance companies offer discounts when you have multiple policies from that one company. Multi-policy insurance discounts serve as incentives for you to do business with one insurance provider.
Here’s how multi-policy insurance discounts work. Let’s say you have homeowners’ insurance with Company A, but your motorcycle insurance is with Company B. If one of the companies has a multi-policy insurance discount, you may save a substantial amount on your monthly premium by switching both policies to that provider.
For example, if you have car insurance with Erie Insurance, you can bundle that coverage with your home insurance policy to receive a multi-policy discount. While it may not always be in your best interest depending on the quality of coverage, this is something to consider.
How Much Are Multi-Policy Discounts?
The amount you can save with a multi-policy discount can vary depending on the company and what state you are in. In Tennessee, a number of companies offer between 10 and 20% off your policy if you hold multiple policies with them. Sometimes this discount will apply to just one of your policies, and other times it will apply to each of the bundled policies.
What Policies Are Discounted?
Similar to the discount rates, the policies you can get discounted varies from company to company. Most insurance companies offer discounts for buying both auto and home insurance from them. Other companies multi-policy discounts for a variety of policies. For example, Erie Insurance allows you to bundle umbrella, life, auto, homeowners, and more. Progressive allows you to bundle RV renters’ insurance, boat insurance, auto insurance, and more. To find out whether you may qualify for a multi-policy discount, speak with your agent.
Should You Switch Insurance Carriers?
In general right now, it’s a good idea to find a professional agent and company you trust and stick with them. Moving an account every year or two to save a few hundred dollars can be counterproductive for you. Insurance is a relationship business, and loyal customers have more bargaining power with trusted business partners than those who shop their accounts routinely. At times, however, it may be beneficial to switch all of our policies to a single carrier. If you work with an independent agent, he or she can help you decide what is best for you.
Finding the Right Insurance
Especially with rising costs and the current unpredictable market, it is vital for you to work with an independent agency like Veritas Insurance. If you have questions about your insurance coverage, call our Tennessee office at (423) 292-4142 or explore our website to learn more.
Let's Get Social!
3 Insurance Lessons from a Johnson City Apartment Fire
In early December 2022, a tragic apartment fire in Johnson City left many residents without a place to live. Thankfully, nobody was injured, but one dog died in the