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We all know that insurance is pretty pricey and everyone should look for ways to save money on their monthly insurance bill. One way that hasn't really crossed my mind much is bundling your auto and home insurance. Has anyone done this before? I'm pretty sure my wife and I will be looking to buy our first home within the next year or so, and I was curious as to how much money could be saved by bundling my truck's insurance and that of our future house. Would it still work if our vehicles had different insurance providers? I found a pros and cons list, so let's see if everyone agrees.
PRO: Bundling discounts vary, but generally range from 5% to 25% for each policy.
CON: Bundling discourages price shopping, making it easier for your insurer to inch up rates until you’re overpaying.
PRO: An insurance agent can review your home and auto coverage in one sitting, and you can usually manage them in the same web portal.
CON: It could be cheaper overall to buy from separate companies, particularly if your auto insurance is expensive.
PRO: If you’ve made auto insurance claims or gotten tickets, having your policies under one roof lowers the chances your insurer will drop you.
CON: Some "bundled" policies aren't really bundled; some auto insurers may set you up with an affiliated company for your home insurance, so you'd lose the ability to choose your own insurer and the convenience of managing your bills in one place.