Different Ways To Bundle Car & Home Insurance
Published: August 29, 2015
Updated: May 15, 2018
CATEGORY: Bundling Insurance
While a home and auto insurance bundle is the most common way of combining policies there are other ways you can cut a better deal by adding coverage together. The real idea of getting a bundled insurance package is to save money for your auto insurance and it also make the most of one single insurer.
For example, if you have car insurance with Aviva, home insurance with AIG, and life insurance with Chubb Group, it may well be more affordable to move all of those services to one provider. There are certainly benefits of going with a single insurer as companies typically reward such loyalty with discounts and lower premiums.
There are several types of insurance that you can bundle with your auto insurance.
Home insurance is the most commonly bundled insurance to be combined with car coverage. Most car insurance providers in Canada offer home policies too, but if not you should ask your insurer if they have non-affiliation partners that offer home coverage. If your insurer only offers an auto policy but a partner gives your home insurance, this will count as bundled coverage.
It is not just houses that are eligible for home insurance, condos and motor homes are also included and can be combined with auto insurance for discounted rates.
Those discounts can really be sizeable too, for example Viva Canada offers discounts up to 15% for combined auto and home insurance, while it is not unheard of for other companies to go as high as 25% in discounted rates.
Insurance for consumers who rent domiciles is typically vastly more affordable than full home ownership insurance, but it too can be bundled with auto insurance to secure a discount. In many cases policy holders will get a good rate in this circumstance, and may only add a couple of hundred dollars on top of their auto insurance policy by putting rental insurance to the bundle.
Life insurance is quite broad and rates are very personal. For example it can be bought over a limited time or for the rest of your life, while your age and medical condition will decide exactly how much you will need to pay. Either way, bundled with auto insurance it is possible to get discounted rates, but how much you will pay will depend on your individual situation.
Multiple car insurance is a very common bundling tactic, with owners looking to ease the cost of several separate coverages by putting more than one vehicle on a single policy. This is most commonly used when parents bundle their teenagers insurance onto their own coverage to save the enormous costs of insuring a first time teenage driver.
Insurance for other vehicles
Vehicles are not cheap to buy or operate, so even if you have one that does not require insurance by law, it is still worth seeking coverage. This includes snowmobiles, ATVs, boats, dirt bikes, and of course motorcycles. ATVs and snowmobiles fall under motorcycle coverage, which offers the same benefits as auto insurance and is subject to the same rules and regulations. Boats on the other hand have specific coverage and you should check with your insurer to see if they offer any policies.
All of these insurance policies can be bundled with your car insurance, and indeed more than two can be added together for even more discounts. However, many insurance companies have a limit on how many policies can be bundled, with most offering up to three coverages in one package.