If you want a discount, get your new insurance policy from the same insurer you bought existing policies from. This is called a multi-policy discount.
Although you can save a lot with a multi-policy discount, you may save more by buying your different policies from different insurance companies. I willwill give more details...
We'll assume that a certain profile has the following rates from three separate insurers...
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 clearly see that although Insurer B offers this profile the best quote for auto insurance it did not have the cheapest rates for the other insurance policies..
Therefore, even if this insurance company gives him a 10% multi-policy discount his total insurance spend would be...
$1,472 + $2,120 + $2,72 = $6,316
$6316 - (10% of $6316) = $5,684.40
Conversely, if he buys from insurance companies who offer him the lowest quotes for each policy his total insurance spend would be...
$1,400 + $1,472 + $1,640 = $4,512
You can see that notwithstanding the fact that buying health and home insurance from the auto insurance carrier may entitle him to multi-policy discounts, he would 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 yield more savings in your case?
So here is how to find out...
Get a good number of quotes from various insurance providers for each policy. Select the lowest rates returned for each insurance policy and then just compare their sum with what you will pay with a multi-policy discount and you'd know which is better in your case.
Although you can save a lot with a multi-policy discount, you may save more by buying your different policies from different insurance companies. I willwill give more details...
We'll assume that a certain profile has the following rates from three separate insurers...
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 clearly see that although Insurer B offers this profile the best quote for auto insurance it did not have the cheapest rates for the other insurance policies..
Therefore, even if this insurance company gives him a 10% multi-policy discount his total insurance spend would be...
$1,472 + $2,120 + $2,72 = $6,316
$6316 - (10% of $6316) = $5,684.40
Conversely, if he buys from insurance companies who offer him the lowest quotes for each policy his total insurance spend would be...
$1,400 + $1,472 + $1,640 = $4,512
You can see that notwithstanding the fact that buying health and home insurance from the auto insurance carrier may entitle him to multi-policy discounts, he would 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 yield more savings in your case?
So here is how to find out...
Get a good number of quotes from various insurance providers for each policy. Select the lowest rates returned for each insurance policy and then just compare their sum with what you will pay with a multi-policy discount and you'd know which is better in your case.
About the Author:
Get more tips here: Affordable Auto Insurance and Discount Auto Insurance. Chimezirim Odimba helps people get quality insurance coverage cheap.
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