We don’t often think about the prices we are paying for insurance except
when we are initially shopping for it. During economic hard times such
as these, though, it may just pay to take a closer look at what you are
paying out each month for the
various insurance policies you have. One possible way
to save money on your insurance is to consider bundling your policies
through a single company.
Many insurance companies now offer considerable savings to homeowners
who choose to purchase their auto insurance coverage from the same
company as their homeowner’s policy. One recent study revealed that more
than 70% of homeowners are now taking advantage of this. It makes sense
that companies should offer discounts on additional insurance coverage
for customers that have established long-term relationships with the
company.
Aside from the savings you will get by holding all your insurance
policies with a single company, there are several other advantages to
doing this as well. The convenience of paying just one monthly bill for
your insurance versus several to different providers is also a
compelling reason to go with one provider. Also, with just a single
bill, it is far less likely that you will overlook paying one in any
given month.
Customer satisfaction seems to be much higher with those who choose to
bundle their insurance policies as well, according to industry surveys.
As one source puts it: “Policyholders are more loyal to the company of
choice and receive additional benefits from a company for whom they
totally rely upon for all their insurance needs.” Several studies have
shown that homeowners who chose to bundle their insurance with a single
company were far less likely to switch to another company.
The advantages to bundling your insurance policies through a single
provider are similar to the combination services offered through many
cable service companies today. If you buy Internet service, phone
service, and cable television service all separately, you are likely to
be paying much more than someone who choose to get all three through a
package offered by the cable company. Additionally, you are likely to
get much better customer service from the combination, since you have
just one point of contact for all three.
Shopping for bundled insurance services is not quite as easy as shopping
for individual policies, but the effort is likely to pay dividends if
you’re willing to do the work. Instead of just plugging in some numbers
on a website for a single insurance policy, you may have to call those
companies and see what they have to offer in the way of bundled
policies. Chances are, you will find considerable savings both in terms
of money and in terms of time and aggravation in paying your bills.
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