When you have more than one insurance policy not with the same insurance provider, you may be missing out on an opportunity for great savings. Bundling simply means having multiple policies with the same insurance company. A typical example would be having your property and vehicle insurance with a single company. Bundling your insurance is a very common practise in Alberta, but what does it mean and how does it benefit you?
The two biggest reasons to bundle your insurance are discounts and single deductible. When you combine your policies with the same insurance company, they will almost always give you a multi-line discount to save you premium. What a lot of people don’t know is that you also benefit from a single deductible; which means if you suffer a loss that would affect both your home and vehicle insurance, you would only have to pay one deductible instead of two separate deductibles.
Keep in mind that bundling, despite the obvious benefits, may not be the best choice for you. Premiums are not always better when you bundle but more importantly, the coverage options vary from company to company. Since different policies offer different coverages, it is important to ensure that your specific needs are being met and that you carry the coverages that are right for you.
An insurance broker can help you determine if bundling your insurance is the best choice for you. As professionals, your broker is able to compare products and coverages that best suits your individual needs. Contact your broker at Ravenhill Agencies today to talk about whether bundling your insurance is what’s right for you.
Created by Angie Granberg