Multi Policy Insurance Discount

The multi-policy discount may go by different names, depending on the insurance company, but it is a discount you receive for having auto insurance and homeowners, condo, mobile home, or renters insurance with the same insurance company.

Many insurance companies give substantial discounts — 15%, 20%, or 25% on both your home & auto insurance.

However, when comparing prices among insurance companies, knowing the percentage discount does not help you much — and sometimes not all coverages are discounted — leading you to not get the price you expect.

When shopping, have each insurance company give you the price for both your home (condo, renter, etc.) & auto insurance with, and without, the multi-policy discount.

Remember, you are trying to get the best price for all your insurance policies — not collect discounts.

For example, say your annual premiums total to $1,200 ($800 for auto, $400 for home) for insuring your home & auto with Company A with 20% multi-policy discounts on each policy.

But you can find a $600 annual premium for auto insurance with Company B, which does not offer a multi-policy discount.

It makes more sense to insure your home with Company A for $500 a year (losing the 20% multi-policy discount) and insuring your cars with Company B for $600 per year.

Your total cost of insurance would be $1,100, rather than the $1,200 you would pay per year for insuring your home & autos with Company A.

It is not unusual for insurance companies to have very good rates for home insurance, but be expensive for auto insurance, with other insurance companies having great rates for auto insurance, but expensive for homeowners insurance.
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Also, you want to consider the insurance company’s customer service & the coverage options available to you. It makes no sense to pay low insurance rates, but not have the coverage you need, or receive poor customer service when you have a claim.

Some popular auto insurance companies, such as 21st century, Esurance, Progressive, and Geico do not offer home insurance through their own company, but partner with other insurance companies to offer home insurance, and may not offer very good multi-policy discounts.

Progressive advertises their “bundling” discount for insuring your home & auto together. I called to ask about it, and there is a discount on the homeowners insurance Progressive sells through Homesite insurance, but there is no discount for insuring my home on my Progressive auto insurance.

For me, insuring my condo with one insurance company, due to price & coverage options, and my car with another insurance company, gets me the best price for auto & condo insurance.

Some insurance companies now offer even larger multi-policy discounts if you insure your home, auto, & life insurance with them.

If you need only term life insurance, and a term life insurance policy qualifies you for discounts lowering your auto & home insurance rates, by all means, get a quote.

However, if you need permanent life insurance or have health issues, agents selling home & auto insurance policies rarely have the expertise, knowledge of the life insurance market, or the best life insurance products.

Many homeowners need or desire term life insurance to pay off their mortgage. See this link to another of my blog posts to find out more information, decide what you need, and get mortgage protection life insurance quotes.

Do you get the multi-policy discount on your auto & home insurance? How much do you save? Comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch. See auto & home insurance company reviews rating each company’s pricing, claims handling and customer service for over 40 different companies; customer complaint analysis for the major insurance companies in each US State; term life insurance rate surveys and more, on my home page at smartshopyourcarinsurance.com.