If you want a discount, get your new insurance policy from the same insurer you bought your other policies from. All insurance companies will typically give a discount if you buy more than one policy from their company.
However, all the amount you may save may still be much lower if weighed with savings you will make by buying your policies from several insurance companies. I will take some time out to explain this…
Online Term Life Insurance Rate
We will make a few assumptions on the quotes returned for a particular profile just for explanation purposes. Viz…
Insurer A…
Auto insurance: $2,487
Home insurance: $1,400
Health insurance: $2,320
Insurer B…
Auto insurance: $1,472
Home insurance: $2,120
Health insurance: $2,724
Insurer C…
Auto insurance: $3,500
Home insurance: $2,080
Health insurance: $1,640
You can plainly see that even though Insurer B gives this shopper the best rate for auto insurance it did not have the best rates for the other insurance policies..
Hence, even if Insurer B offers him a ten percent multi-policy discount his total insurance spend would be…
$1,472 + $2,120 + $2,72 = $6,316
$6316 – (ten percent of $6316) = $5,684.40
On the other hand, he would spend the following on insurance as a whole if he buys from the insurer that offers him the lowest rate for each policy…
$1,400 + $1,472 + $1,640 = $4,512
You have observed that even though getting health and home insurance from the auto insurance carrier may entitle him to multi-policy discounts, he’d realize bigger savings by getting each policy from several insurance companies.
A difference as high as $1,172.40 is not one that should be over looked.
So are you sure of which would be best for your profile?
All that you need to do is only an easy step that will take you just minutes…
Get quotes for each policy from five or more reputable quotes sites. Contrast the sum you will pay by buying from insurers who have most affordable quote for each policy with what your agent says you’ll get as multi-policy discount for buying from one insurance company.
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