How to Save With a Multi-Policy Insurance Discount

You can save money on your various insurance policies when you bundle them, including saving an average of 16% when bundling home and auto insurance.
Written by Cheryl Knight
Reviewed by Carrie Adkins
Insurance bundling is a great way to save money on your home and auto insurance. Bundling requires you to purchase multiple policies from one insurance company. The insurance company then gives you a discount on each policy.
If you find yourself in the market for insurance, you can usually bundle most types of insurance, including home, auto, and life insurance. Here are the available insurance coverage types that insurance companies offer for bundling and how to get a quote for an insurance bundle.

Multi-Policy Insurance Bundling: Types of Eligible Insurance Policies

In order to bundle insurance policies, you need to better understand the different types of insurance coverage available for bundling. Some of the common types of insurance policies include:
Car insurance
Car insurance covers your car and comes in a variety of coverage types, including liability,
, and
. In addition to liability, some states require motorists to carry
/underinsured motorist coverage. Lenders require drivers who lease or buy their car to also carry
comprehensive and collision
Home insurance
Home insurance protects your home from damage, paying for repairs or to rebuild it if it’s damaged or destroyed. Home insurance also offers a certain amount of personal belonging protection, though you can opt for more.
Many home insurance policies also provide a certain amount of liability insurance for when someone gets injured while on your property.
Renter insurance
Similar to home insurance, renter's insurance covers the personal belongings of residents who live in apartments and other rental properties. Renter's insurance can even extend to property held in a storage unit.
Life insurance
Life insurance provides a death benefit for your beneficiaries. This allows your survivors to continue with a normal level of income so that they can keep paying the bills.
Health insurance Health insurance helps to defer some of the costs associated with receiving medical treatment.
Certain types of health insurance plans, such as a Health Savings Account (HSA), allow you to deduct contributions from your gross pay to save on your taxes.
Multi-car insurance
Many families insure all of their cars with the same company. Such
multi-car policies
give policyholders great savings on their car insurance premiums.
Unfortunately, a multi-car discount doesn't compound with the more cars you place on it, but it can include motorcycles, boats, and RVs.
Boat insurance
Boat insurance covers a variety of maritime craft, including fishing and pontoon boats, leisure craft, and yachts. For smaller craft, such as kayaks, canoes, and other personal watercraft, you need to rely on the personal belongings coverage of your home insurance policy.
RV insurance
The cost of RV insurance differs according to the class of the RV and whether you use it for recreation or as living quarters. Just like car insurance, RV insurance covers you if you have an accident while driving the RV or if someone else hits the RV while it’s parked.

How to Find a Multi-Policy Insurance Bundle

It's important when purchasing insurance to get the types of policies you need, as well as to compare how much each company charges for a certain amount of coverage. The steps below detail the process for deciding what types of coverage you need, how to get quotes, and which insurance company provides you the best deal for your money.
Step 1: Determine coverage. First, start by determining which types of coverage you need and how much.
The amount of insurance coverage you want should take into account the value of the item you want to protect. Smaller items, such as a car, boat, or RV, might require a smaller amount of protection, while a house or life insurance policy usually require hundreds of thousands of dollars in coverage.
Step 2: Company ratings. Check out ratings for the insurance companies you have an interest in using.
You can find customer reviews for specific companies and locations online, including through your state's
Department of Insurance (DOI)
You can also check the reliability and financial stability of a company by using the following sites:
Step 3: Visit insurance company sites. Next, visit the websites of a variety of insurance companies to see what kind of bundling options and discounts they offer.
Popular insurance companies in your area could include:
Step 4: Enter information. When getting a quote, you need to enter specific information for the types of policies you want to bundle.
Usually, insurers ask for the following information when you ask for a quote:
  • Name of the policyholder
  • Address of the policyholder
  • Birthday of the policyholder
  • Gender of the policyholder
  • Driver's license number for the car or cars the policyholder want to insure
  • Specific information about the house, car, boat, or other item to be insured, including vehicle identification number, age of the home, or medical history of the insured
  • The name, gender, and birthday of other people on the policy or policies
Step 5: Compare quotes and decide. Comparing the quotes you get from the various insurance companies is the last step in the process.
Expect to receive an email or phone call from an agent detailing your quote from the company.
Compare the quote from each company for cost and the amount of coverage provided.
Choose the insurance bundle from the company that provides the amount of coverage you want for an amount that best fits your budget.
You can save money by bundling your home and car insurance policies. Make sure to get quotes from a variety of companies to get the lowest price and best discounts.
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