Harash. Home Insurance. March 02nd , 2018.
You'll save if you buy all your policies from the same insurer. This is due to multi-policy discounts which every insurer is likely to give. However, you might be better served by getting your policies from different insurers. Let me make this a little clearer...
Let's assume that you have a total of four insurance policies: Life, health, auto and home. You'll get a multi-policy discount if you buy all four policies or at least two of them from the same insurer. But let's see when that won't be very advisable...
To explain this we'll assume your profile gets the following rates with different insurers...
Life insurance: $2,590
Health insurance: $2,200
Auto insurance: $3,500
Life insurance: $3,100
Health insurance: $2,400
Auto insurance: $2,500
Home insurance: $2,400
Life insurance: $2,900
Health insurance: $1,900
Auto insurance: $2,800
Home insurance: $2,700
Life insurance: $2,100
Health insurance: $2,300
Auto insurance: $2,750
Home insurance: $2,600
If, for example, you buy all your policies from insurer A, your total insurance spend would be $10390. If they give a multi-policy discount of 10% you'll pay a total of $9351. That's reasonable. Isn't it?
But let's see what you will get if you go for the insurer that offers the best rate for each policy...
Insurer A offers the best quote for home insurance at $2,100; Insurer B offers the best auto rate at $2,500; Insurer C offers the best in health at $1,900 and Insurer D offers the best rate for life at $2,100. This will bring your total insurance spend to $8,600. This is $751 less than what you'll get if you opt for a multi-policy discount.
So take your time to find out which pays you better. And a good way to find out is to get and compare quotes from up to five insurance quotes sites. The wider the range of companies you get quotes from, the more you'll save because you'll be able to spot the lowest quotes available for your profile.
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