From various discounts made available by auto insurance companies, multiple-policy discount is probably the most popular, profitable, and common. The discount means that you can get lower premium rate if you place multiple policies under just one insurance carrier. If you have your own home, you can place the home insurance together with car insurance, or life insurance and car insurance, together under one carrier.
While it is relatively easy to find this discount, you still need to be scrutinizing in order to get the best offer. You will want to get proper discount, but still be able to get enough coverage whenever you need it. Make sure you know how to get proper discount from multiple-policy option without compromising your coverage.
Common Multiple-Policy Discount Types in Auto Insurance
An auto insurance company usually provides several types of auto insurance discount, including the multiple-policy discounts. Here are types of multiple-policy discounts you may encounter in an insurance company:
Home and car multiple policy.
This is the most common form of multiple-policy discount provided by insurance carrier. Insurance carrier typically pairs home insurance policy with car because they are the most common assets people have. Depending on the insurance company, you may need to have that home to be eligible for multiple-policy discount (traditional home insurance policy). However, some insurance companies allow policy owners who rent the houses instead of actually owning them
Boat, home and car policy.
Some insurance carriers provide multiple-policy discount that includes boat (this is especially common if you live in area where boats are abundant or big parts of local livelihood). However, since this is not a common vehicle to have, make sure you ask if the insurance carrier you choose provides option for multiple-policy discount with boat.
RV, home and car policy.
RV has similar status with boat when it comes to multiple-policy discount; some insurance carriers may include RV and other recreational vehicles in their discounts, while others may not. Just because you already have multiple-policy discount that consists of your home and car, it does not mean that your RV is included. Ask your agent or insurance carrier whether your RV is eligible for discount or not.
Getting multiple-policy discount in auto insurance is generally easy, but you still need to have strategy in order to get the best discount option. Make sure you know how to get multiple-policy discount, and what to do to get the best option for maximum coverage.
Tips to Get the Best Multiple-Policy Discount
Here are some useful tips to get the best multiple-policy discount that will give you optimum coverage:
Inform your new insurance carrier when you move house.
If you move house, you probably need to get change the insurance carrier. If you want to be eligible for multiple-policy discount, but still need to finish the previous insurance period, inform your future insurance carrier that you would like to have multiple policies once you arrive and apply for the new policy.
Inform your future insurance carrier about renewal.
You probably need to wait until one of your policies (your home or car insurance policy) reaches renewal period before being able to switch. If you are sure about having multiple-policy discount with the new carrier, but want to wait until the old policy reaches renewal date, inform the insurance carrier so it will be willing to wait, and even give you the discount in advance. This way, you can wait until the old policy reaches renewal date, but you can also get the discount from new carrier at the same time.
Combine your policy with person at the same household.
If there is someone who is listed as the inhabitant of your household, you can combine his or her policy with yours to get multiple-policy discount. For example, you may have a teen driver at home who also uses the same insurance carrier. Even if the policy is separated, you can still be eligible for discounts as long as both of you use the same insurance carrier. However, you still need to confirm about this policy with your insurance agent or representative office.
There are a lot of reasons to combine various policies into one, and it is not just for getting multiple-policy discount. If your insurance is combined, you can streamline the entire process, making premium payment easier. Getting the best discount from auto insurance policy will help with your regular premium payment, as long as you are eligible for the discount and fulfill the requirements.