Bundle Insurance

When you bundle your insurance, you will have multiple insurance policies with the same company. A typical bundle will combine home and auto insurance, but you can also bundle other vehicles and buildings, like your motorcycle with your RV or cottage. Some limitations may apply. Speak to an isure broker to get your best bundle options.

 There are so many advantages to bundling your insurance, such as:

• Receive a better discount. You will pay less on all protection that you add to your policy.
• Deal with one insurance company. Knowing who to call with questions, concerns, or if you need to file a claim, is reassuring.
• Combine your bills and payment statements. Make one easy payment. You’ll get one package in the mail and one payment schedule for both premiums.
• You can have a single deductible.
• You can more easily identify any coverage gaps.
• Bundle your policies, even with different renewal dates. You can add your second policy in advance of the renewal date and lock in the quoted premium.

There are so many advantages to bundling your insurance! Some of the advantages include:

1. When you bundle your insurance coverage, you will, Most times, you will receive a discount!

2. Your policy may be under one bill, which can be convenient for payment.

3. You only have to deal with one company if you need to make a claim – bonus!

You can save more money if you bundle multiple insurance policies with the same insurance company. For instance, if you’re already purchasing auto insurance, you can get extra protection and save money with home or renters insurance, or even cottage insurance. Contact your local isure broker today to learn about ways you can bundle and save.

The type of insurance discount(s) you receive depends on your combination of policies. Dual\Multi-line\Combined policy discounts apply when two different lines of business are bound with the same company (typically home and auto.)

Multi-vehicle discounts apply when there are two or more vehicles on the same policy OR if there are two auto policies in the same household (even if there are differently-named insureds) with the same company. Depending on the insurer rules, each auto policy could qualify for a multi-vehicle discount and this would not be considered a multi-line percentage. Multi-vehicle discounts are usually capped at 10%, but you must speak with an isure broker today to understand the rules of each company.

This may not be something the average broker will tell you, but even if you do not own a home or condo, you might still qualify for the multi-line insurance discount with a tenants’ policy if you are renting. Tenant’s insurance is fairly affordable and in addition to the benefits of having coverage, you would also begin to build your insurance history, especially if you have just moved out on your own. This will assist you in securing cheaper home or condo insurance when you are ready to purchase that type of policy in the future. Additionally, you would receive much better rates having property insurance history, as tenants versus having none at all.

Remember, It doesn’t hurt to get a quote; you have nothing to lose and money to gain!

If you are wondering what type of savings you can enjoy by bundling your home and auto insurance premiums, let’s take a look at what they cost separately. The average cost of car insurance in Ontario is $763 per year for minimum coverage, and $2,098 for full car insurance. Therefore, this makes the average auto insurance cost in Ontario $1,634 per year. Most drivers pay in the range of $1,300 to $1,800, annually. Rates vary depending on your location, the type of vehicle you drive, driving history, and many other factors.

The average Ontario home insurance costs come in at approximately $1250 per year. However, depending on your home value and location, you can expect to pay anywhere from $700 to $2,000 (or more) annually for house insurance. How much you can save depends on your insurance provider. Other factors that will help determine your savings are the types of insurance you have, policy limits, add-ons or endorsements, claims history, and more. The more types of coverage you combine, the less you will pay. Cost savings vary based on the insurance product.

By bundling your home and auto insurance premiums, in some cases, you can see a 20% savings. Therefore, by combining the average auto and home insurance premiums together and applying the 20% discount, you can see savings of around $576.80 annually!