Learn how to get multi-policy discounts by bundling your renters and auto insurance policies.
Bundling insurance policies means buying more than one policy, like auto and renters insurance, from the same company. It’s an easy way to lower your rates, as insurers offer discounts for bundling.
Bundling your car and renters insurance is also simple to do. You can add whichever policy you don’t have to your existing plan, or buy both coverage types at once.This article covers everything you need to know about bundling your car and renters insurance policies, including:
Most insurance companies, like GEICO, Progressive, State Farm and more, will give you a multi-policy discount for bundling policies. You'll save somewhere between three and 10% for your renters coverage if you bundle it with at least one other kind of insurance. As for your auto coverage, you could receive a discount of between 5 and 20% or more if you bundle it with your renters insurance. But the exact discount you’re offered has a lot to do with your carrier.
What you pay for your renters and auto insurance policies will differ from what someone else pays for their policies due to factors like:
Here are the main pros and cons with bundling insurance policies:
One major perk of getting renters insurance as a car owner is that it covers items stolen from your vehicle. You need auto insurance to protect damage to the car itself, but the items inside your car aren’t covered unless you have a separate renters or homeowners insurance policy. Many people bundle their renters and auto insurance policies so they’re completely covered if someone breaks into their car.
So, if someone breaks into your car and steals your wallet, you'll file a claim through your renters policy. But if they break the window, you’ll file a claim through your auto insurance policy. Keep in mind that you may have to purchase additional renters coverage for expensive items like laptops or jewelry.
Although bundling plans with the same carrier will get you a discount, it may not be the cheapest option. You could save money if you buy plans from different carriers.
Imagine you’re going to bundle car and renters insurance with one company. The auto policy costs $100 per month, and the renters policy costs $30 per month. Your insurer offers you a 10% bundling discount. Instead of paying $130 per month, you’ll pay $117 per month if you bundle.
But what if another company sells a similar auto policy for $80 per month? Even if you add on the full $30 a month for the renters policy, you’re paying $110 total without bundling. That’s less than the original $117 with bundling.
So, before you make the move to bundle your renters insurance and auto insurance with your current company, shop around. Compare the discounts you’ll get for combining coverage under one carrier with what you’d pay if you bought them separately. Do this with multiple insurance companies. It takes time and patience, but you’ll be rewarded for both when it comes time to sign on the dotted line.
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