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Consolidating Your Insurance: Home and Auto Insurance Online

consolidating some insurance home and auto insurance onlineConsolidating your insurance, like home and auto insurance online is perhaps the easiest way to save hundreds of dollars each year. This is why so many insurance companies are participating in this option.

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Just about every insurance carrier has their own version of home and automobile insurance consolidation plans. They may refer to the process as bundling or combination campaigns but the procedure is always similar. It is a smart move for homeowners however, it is very important that you choose the right provider when utilizing an Internet-based website.

Major Reasons for Insurance Consolidation

One of the main reasons people choose this option is because of the discounts they receive on both products. Many consumers today face hardships due the United States economy. In fact, the U.S. Department of Labor shows the current unemployment level is still very high, at 8.1% as of August 2012.

Americans need to balance their budgets and look for bargains everywhere, now more than ever before. This will lead a number of people to review their monthly or annual financial responsibilities. After a thorough investigation, most will likely decide to cut back on expenses or even eliminate some bills altogether.

Insurance is not a luxury; it is a necessity.

This means instead of cancelling their policies, they might need to find creative ways of managing what they already have to make sure they have a suitable amount of protection. As a result, combining both homeowner’s and auto insurance starts to look promising.

consolidating some insurance home and automobile insurance onlineShopping for homeowner’s insurance online may not be something many people try, but auto insurance is completely different. An insurance website study, conducted by J.D. Power shows that over 30% of the American shoppers express a preference to use the Internet to acquire car insurance. That equals about one-third of the nation.

In addition, those who do use the Internet have a 63% chance of continuing in this process, while 50% would highly recommend this method to friends and family members. When considering these numbers, it seems likely that this is not a coincidence or mere happenstance.

However, it is possible that they quickly became comfortable with submitting their personal information over the Internet. They realized how beneficial and convenient shopping online for auto insurance really is. They can then take the next step to inquire about other lines of coverage, including homeowner’s insurance. This is the other major reason for turning to insurance websites.

The Average Cost of Homeowner’s Insurance

The Federal Reserve has a host of information pertaining to homeownership and the specifics involved. One of the issues discussed is the absolute need for this kind of coverage.

Even before you complete your purchase, you must provide your lender, or financial institution with proof of insurance. This is the only way to close on the property. They want to make sure the home they finance has adequate coverage.

consolidating your insurance home and car insurance onlineIn the event of natural disasters, fires, or vandalism, your policy provider will make the proper payments towards restitution. However, you should also carry flood insurance, which most homeowner’s insurance policies never include. Keep this in mind, especially if you live in an area that is prone to flooding.

In addition to providing you with tips to homeownership, the Federal Reserve also lays out a guideline for what you can expect to pay for proper insurance. They list the median price of approximately $744 per year. They estimate the lowest rate at $300 and the highest at $1,000.

Flood insurance however, is much, more costly. The Federal Reserve estimates these charges to begin at around $500 and can climb to $5,925 per year. Of course, this depends on how much the home is worth, the amount of protection you need and the area in which the home is located.

On the other hand, when you consider the amount of damage water does, especially to the foundation of a home, this is a comparable rate. It is better to take the proactive approach than to find that you have no coverage and experience a destructive hurricane, or flood.

You should keep this information close by when you start looking online for coverage. Some representatives may begin to rattle off numbers and percentages that will not make much sense unless you have something to act as a reference point.

The Average Cost of Automobile Insurance

Trying to determine the average cost of automobile insurance is a little more daunting because the factors are greater than homeowner’s insurance. However, if you think about the typical ways car insurance companies decide on their rates, you can arrive at a few simple conclusions.

consolidating some insurance home and car insurance onlineThe great thing about using an online site is you can find many car insurance quotes rather quickly and this will give you an average number.

Most standard, liability bodily injury with property damage auto insurance policies begin at around $500 to $1,100 per year. This is for drivers with little to no traffic violations or negative driving histories, also known as preferred customers.

In addition, if you add other levels, like collision, comprehensive or personal injury protection, the rates increase. Your rates could be as high as $2,000 to $2,500 per year.

The Insurance Information Institute does provide information for basic rates by state, but they do not calculate full-coverage costs. This is because full-coverage is optional, not mandatory in the United States.

Estimated Amount of Savings on a Combined Policy

On average, you can see a minimum savings of approximately 15% when you combine your homeowner’s and car insurance policies together. Some companies will even discount up to 30%.
After calculating your annual auto insurance rate, which could be approximately $1,000 and your homeowner’s insurance cost of $2,500, this means you pay $3,500 each year for both.

Based on the minimum discount of 15% you would save about $525 per year. Now, increase the discount to 20% and the new savings totals $875. Finally, a 30% discount would allow you to keep $1,050 every year.

It is safe to say that these numbers will add up very quickly with higher discounts, but even at $525 a year, you still stand to save quite a bit of money. You could take your savings and put this money towards other financial obligations. This would definitely help if you have other major debts that you might find challenging to pay.

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One Bill and One Payment

The truly fascinating aspect of making the decision to add your car insurance policy to your homeowner’s policy is you only receive one bill and make one payment.

Combining your coverage is an excellent way to keep your finances in line.

Too many times, people forget to pay one or the other and only realize their error when they receive a notice of cancellation. If you think this would never happen, consider the quickening pace of the average American’s lifestyle and think again.

consolidating your insurance auto and home insurance onlineIt is very easy to overlook a monthly statement or put it off until you have time. Unfortunately, time is fleeting and before you know it, you could miss your due date. What is worse is you could mismanage your money, or have an emergency and need the funds for something else.

If you have a combined policy, you might have more incentive to open the bill, review it, and make the payment immediately. This, in essence, takes care of two issues and cuts your time in half. Few creditors can provide you with a way to save money and time.

With an online provider, you can even set up alerts to go directly to your cell phone. You can also pay your bill in a number of ways and anytime of the day or night. This will virtually guarantee that you never fall behind.

Keep Your Options Open

One thing many consumers fail to realize is they do not have to keep their current car or homeowner’s insurance provider to be successful. Many just assume that they offer the best rates and never bother to look around.

Try to avoid this mistake if possible. Do the proper fact-finding online and gather as much information that will be to your advantage. Now is not the time for you to worry about loyalty.

Although you may have a great relationship with your existing carrier, the truth is they may not be what you need right now. You could do a lot better with a new provider who offers you better rates because of their policies and procedures.

In other words, some companies give better discounts to new customers who bring two products, rather than those who just one to add one to their active policy. It may not make sense, but you need to see things from their perspective.

consolidating your insurance home and auto insurance onlineInstead of acquiring an additional line of service, they actually receive two. This increases their profits exponentially. It is similar to the telecommunications field, where they attempt to install brand new customers by enticing them with special deals and promotional offers.

The insurance industry as a whole has a very difficult time trying to bring in new prospects.

Insurance companies spent millions on marketing and advertising. You can help them achieve their goals by signing an agreement for not only car insurance but also homeowner’s insurance. They may have a different level of appreciation and this can only make things easier for you.

The process of consolidating your home and auto insurance is not very difficult all you need to do is start looking at your options. By working online, you can eliminate many hours of telephone calls or in-person meetings with independent agents. It is time to start looking for ways to save money without sacrificing the protection of your home and automobile.

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