Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
When you bundle insurance policies, you’re buying two or more types of insurance products with one company. This type of insurance purchase, also known as a “multi-line policy,” has become more available in recent years. A 2011 J. D. Power and Associates survey found that 77 percent of customers bundle auto policies with additional policies and 58 percent of customers bundle their auto and home insurance policies with their existing insurers.
Ultimately, insurance companies want you to bundle because they make more money, says Amy Bach, Esq., executive director of United Policyholders, a non-profit consumer information organization. Bundling insurance policies also gives insurance companies greater access to your claim history and a better idea of who you are. This information shouldn’t impact the policy quotes, however, which are created using algorithms to assess and price your risk.
Overall, you can save money bundling insurance quotes, but, just as insurance rates vary, so do discounts. For example, when auto and home insurance policies are bundled, the discounts range from 3 percent to 22 percent, says Amy Danise, editorial director of Insure.com. As you review your insurance quotes, here are the pros, cons, and how-tos that will help you get the greatest discount.
Discounts. The biggest benefit of bundling for consumers, says Laura Adams, senior insurance analyst with InsuranceQuotes.com, is discounts. This is the company’s way of rewarding your customer loyalty, usually with savings off your auto insurance policy.
Convenience. Bundling multiple insurance products can reduce the hassles associated with using multiple providers. If you have all your insurance coverage with one company, you have one bill and one insurance representative, and this can come in handy when you have questions.
Missed discounts. If you don’t research a few different companies and instead always defer to your current insurer, you may not get all the discounts you could. “If you’re not shopping around,” says Adams, “you’ll leave money on the table.”
Stale policies. Getting married, changing your commute, or having kids changes your insurance needs, costs, and discounts. It’s important to regularly update your insurance, even when the policies are bundled, to ensure you have adequate coverage.
Get different types of quotes. Request quotes from both “captive company” agents that only sell one company’s insurance and independent agents that sell many different companies’ products. Independent agents typically provide more choices, while captive agents often have a longer record of experience.
Compare the whole package. When you’re comparing bundled insurance policies, compare the features and deductibles in addition to the premiums. “The discount may be double digit,” says Danise, “but always look at the total cost.”
Don’t forget the other aspects of the plan. Even as you’re looking to get the greatest discount, don’t forget the other aspects of a plan that are important to you, such as the flexibility to use your local mechanic when filing an auto insurance claim.
Many insurance companies handle a variety of claims well, though some insurers specialize in anything from home insurance and loss to cars and accident claims. “It’s wise to insure your home with a company that focuses on and does a good job of handling home claims,” says Bach, “and your car with [a company] that has a good record for handling auto claims.”
Go with your gut. Bundling insurance policies can save you money, so be sure to ask what bundling options might be available. But, at the end of the day, go with your gut. “You want someone you feel comfortable with,” says Adams.
Samantha Cleaver is a Chicago-based freelance writer whose work has appeared in Scholastic Instructor, Chicago, and other magazines.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.