Getting More for Less!

One of the best ways to maximize the efficiency of your insurance cost is to make sure you are taking advantage of all your cross line discounts! Most multiline Carriers will often give you a discount on one line, if you add another line to your account with them.  A common cross-line discount is the Auto/Home discount. If you have a homeowners policy with carrier X, and you were to bring over your Auto policy(s), (or vice versa) then carrier X will discount both the Auto and Home policies. These discounts can add up to FREE insurance! Sometimes, they are substantial enough that you can add coverage and actually have your bill go down!

For example: Lets say you rent an apartment, and have two cars. The Auto/Rent discount could be 10% off your car premium. If you are paying $1000 per car, per year, the annual Auto/Rent discount would be $200. Assuming that is enough to buy a small Renters policy you could actually add that coverage and pay no more out of pocket. If the Renters is less than $200 you would actually pocket the difference!

Another cross line discount is for adding a Life policy to the household. Lets say hypothetically, that would reduce your Auto and Home/Renters premium by 5%. If your Auto/Home/Renters premiums add up to @$3000 a year, and you are in your 20’s or 30’s, you could get a 10 year Term policy for $150 or less (if your are in good health). Again, adding coverage while not increasing, and in some cases actually reducing, your over all expenditure for your insurance!

Even if we are not talking about a large Renters or Life policy, how are you going to argue with FREE? Particularly if you are living pay check to pay check like many Americans! And, if you have a fire in your apartment, or are a parent of a young child depending on you, these coverage’s will mean the difference between real financial difficulty, or having something to fall back on, for everyone involved!

While many mono-line carriers push price, price, price, ,and they might be less expensive in a straight comparison, when you factor in these other coverage’s your total insurance cost could actually be less using these cross line discounts.

 

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