Are you in the market for property and auto insurance? Found a bundle with an enticing discount? Take a moment and hold off clicking that "Buy" button.
Buying property and auto insurance does not always guarantee the lowest rates; however, it does help in avoiding any gaps in coverages.
Allow our brokers to help you learn about the pros and cons of bundling property and auto insurance.
What Is Insurance Bundling?
Bundling insurance is when you purchase several policies from the same provider—for example: property insurance, auto insurance and life insurance. Insurance companies offer discounts to bundle your policies with them to encourage you to do this.
Pros of Bundling Insurance
If you have more than one policy in the family or household, you can save money with a bundle discount! You can simplify your policy management by dealing with only one company, and some insurance companies offer a single deductible across their policies.
Cons of Bundling Insurance
Your insurance coverage needs may not be met by one insurance company. For example, some companies may be great for house and car but does not offer trailer or ATV coverage.
Sometimes, you may be better off splitting your policies between two companies. For example, suppose you are looking for overland water coverage, a protection for loss or damage related to water entering your property, perhaps, company A offers a lower limit than company B.
Tips for Shopping for Home and Auto Insurance in Alberta
When bundling your insurance, make sure it covers your needs. Does the provider offer the coverage required to ensure you are protected in the event of a loss? This, above all else, is the key factor when purchasing any insurance product.
The bundled price for your auto and property insurance quotes may be higher when compared with policies from two separate providers. For example, your bundle provider might offer lower home insurance premiums, but their auto insurance is more expensive.
Get the Best Insurance for your Needs
Whether the best option is to bundle your policies together or use different providers for different insurance requirements, the professional insurance brokers at John Beal Insurance Ltd. will ensure the best coverages at the best possible premium for you.