Combining insurance policies is very helpful in lowering your payments for car insurance. By gathering your insurance packages together you get to focus on just one payment each month, as well as one interest rate to work on, and not be subject to paying different insurance bills at the same time. By combining your insurance policies you also get to increase your credit score as you just have to pay one bill each month.
But how can you combine insurance policies? There are many ways to do so, and a lot of auto insurance groups offer such program for their clients. If in any case you need to combine your insurance policies together to help ease your finances, then below are the steps you should take:
1. Talk to your present insurer. When planning to combine insurance policies, you should first talk to your present insurers, such as your current home insurance provider and your auto insurance company, in case you have subscribed to different insurance establishments. You can then inquire about their consolidation programs and how they deal with different companies, so as you know what to do next.
2. Ask for quotes for combined policies. Once you open up this issue with your insurers, you can then ask for combined policy quotes for your car, home, and other insured properties. Combination policies usually offer a 10 to 20% reduction of interest rates, which in turn save you a lot of money. However, it is important that you examine their quotes first and see if you’re still getting the same features as that in individual policies, so you know what exactly you are going to receive.
3. Check out umbrella coverage. There are insurers which offer a special package called umbrella coverage. This is available to policy holders who insure their vehicles and homes to the same insurance group, and this can also be of big value for a lower price. In umbrella policies, insured properties are given additional coverage with higher limits when it comes to claiming liabilities for such a small price. This type of coverage adds better protection to both home and car insurance policies as holders can claim a bigger price when it comes to insurance needs without actually spending for more.
Combining insurance policies is ideal if one of your policies is up for renewal, as you have a new opportunity to upgrade or change your policy for the better. You may also get better deals if you inquire about combining policies if they are already subject for renewal, thus you should grab these opportunities and use them to your advantage.
However, it is also important that you review your policies first together with the offers of your insurers before actually going for combined insurance policies. Some companies offer higher rates than others, or reduce the benefits you may get from either policy. By knowing the odds you will be able to gauge whether or not combining insurance policies is the best way to go, or keeping them in separate packages would keep you at more stable hands for a longer period of time.