Posted February 23, 2013 by Carol Martin in Finance

Save a bundle by bundling insurance

Bundling insurance coverage items with one particular organization&nbsp&ndash and scoring cheaper premiums as a reward&nbsp&ndash isn&rsquot a new concept. But, according to a current study by J.D. Power and Associates, not only is bundling still common amongst buyers, it also results in greater consumer satisfaction.

The study located that nearly 60 % of clients bundle auto and property owners policies with the very same insurer. When consumers need to have extra products &ndash such as motorcycle, boat and life insurance coverage &ndash 77 % of them pick to bundle. The study notes that insurance coverage bundlers also have a tendency to be far more happy with their insurers overall, not just with the premium discounts they&rsquore obtaining.

Charles Valinotti, Head of Underwriting & Product with insurer QBE, says bundling insurance coverage policies provides other positive aspects besides decrease premiums.

&ldquoCustomer convenience is one particular advantage,&rdquo says Valinotti. &ldquoIt&rsquos simpler to manage insurance coverage policies when you don&rsquot have to work with several insurers. And if you have a claim, you just require to call 1 company.&rdquo

Bundling may possibly also give you an edge when you file a claim. Valinotti says insurance coverage businesses are interested in maintaining your business and will be open to renewing policies when there&rsquos a loss &ndash unless it&rsquos something intense.

How can you get the largest bang out of your insurance coverage bundle? Valinotti suggests:

* Take a look at all your insurance policies. If they&rsquore not with the identical insurance business, you could be losing as a lot as 25 percent in bundling discounts on each auto, as properly as on your homeowners policy. Feel about which includes your life insurance, as properly, which could result in an additional two to five percent in savings.

* Contemplate adding an umbrella policy. If you own your house, an umbrella policy offers you further liability protection on your property and car, and may earn you even more discounts to your home owners and auto insurance.

* Study choices for renters. If you don&rsquot own your home, bundling may possibly still be an selection. Look into bundling a renters policy with your auto insurance coverage, which may well result in as a lot as a 20 % discount on your auto coverage. Since renters insurance coverage is affordable, it might almost spend for itself by savings by way of bundling.

* Investigate bundling with enterprise policies. If you have a company, locate out no matter whether bundling your organization policies will qualify you for discounts on your personal insurance coverage.

Valinotti cautions that some auto or property insurance coverage bundling discounts may well not be available to men and women with poor driving records. He also advises not to base choices on price tag alone. &ldquoCustomer service is just as important to think about,&rdquo he says.

Valinotti adds, &ldquoMake positive you speak with your agent about all offered bundling possibilities and select those you&rsquore most comfy with.&rdquo

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Carol Martin