Should I insure everything with a single company?
There are a lot of things you can insure. Your home, your car, your valuables. Even your pet. If you’ve got multiple assets that require coverage, it can be tempting to insure everything with the same company. But is that a good idea? Is it even possible? Let’s take a look.
What are my typical bundling options?
Not every insurance provider offers every type of insurance. For example, you may find that your auto insurance company doesn’t provide life insurance policies. But many major insurance companies in Canada do tick a lot of the same boxes. These typically include the following:
Auto – Auto insurance is a primary service that insurance providers offer their customers. It usually encompasses damage to your vehicle and costs associated with liability.
Alternative vehicles – While sometimes still technically falling under the umbrella of auto insurance, vehicles such as boats or motorhomes require additional levels of coverage. If you own toys like these, you may need to go with a large, well-known provider.
Home – Home insurance is another primary service that insurance providers offer their customers. As with auto insurance, a standard policy covers costs associated with damage and liability.
Alternative property – If you have a seasonal property, live in a condo or rent instead of own, your property insurance is a bit different. Most companies that provide home insurance offer these variations, though that isn’t the case 100% of the time.
Travel – Many insurance companies provide their customers with travel insurance. Though some companies offer travel insurance exclusively, many auto and home providers offer travel alongside their offer packages.
If your insurance needs are straightforward and you work with a major insurer, chances are you can get all (or at least most) coverage from a single provider. But is the convenience worth it?
Is it a good idea to insure everything in one place?
Assuming you’re able to find an insurance provider that meets all of your needs, it can feel like a good option to give them your business wholesale. Why wouldn’t you want the convenience? The intuitive counter stance is that it’s always good to comparison shop and find the lowest price for each policy, even if it means going with a different company.
While it’s true that it’s always smart to shop around, bundling your policies with a single provider doesn’t just simplify the process; it’s also a great way to get a discount.
Many insurers provide discounts in the range of 10-15% when you bundle policies, like home and auto insurance. Some will give a bigger discount if you add a third policy, as well.
It’s still advisable to check out the market so you know your options and speak to your insurance broker, but putting as many policies with a single company is usually as financially rewarding as it is simple.