Matt Hands, VP, Insurance and MoneySense
Bundling your insurance means you are purchasing more than one type of coverage from the same insurance provider. Most property and casualty (P&C) companies offer more than one type of insurance, such as car insurance, motorcycle insurance, home insurance, condo insurance, and tenant insurance.
By selecting the same insurer for multiple coverage needs –also known as purchasing an insurance bundle – you could be eligible for a discounted premium. Insurance companies value loyal customers and a bundle discount is one way providers can thank you for your business.
A multi-vehicle insurance bundle means you’re purchasing more than one auto insurance policy from the same provider for a discounted premium. While this is typically most common for those that own multiple cars, some other variations of a multi-auto insurance bundle include:
If you own or rent more than one property, you can also bundle your policies under the same insurer to lower your home insurance premiums. Some variations of a multi-property bundle include:
Multi-line insurance policies bundle different types of insurance under the same contract. Combining your home and auto insurance is one example of a multi-line policy, but you can also bundle other insurance products, such as:
- Home insurance + RV insurance
- Renters insurance + motorcycle insurance
- Condo insurance + car insurance + motorcycle insurance
- Home insurance + truck insurance + RV insurance + boat insurance
Save on your auto and home insurance
The biggest benefit to bundling your policies under one insurer is the specialty discount you can receive. Each insurance company is different, but you can expect a certain percentage in savings when staying loyal to your provider. Compare rates to find out which one saves you the most.
Pay one deductible for shared claims
By bundling your insurance, some providers may only require you to pay one deductible for shared claims against both your vehicle and home. For instance, if a storm damages your house and car, you may get away with paying your deductible once, instead of dealing with multiple policies with different insurers.
Stay on top of your insurance bill
Having too many bills to pay at the end of the month could result in you forgetting to pay one – and you wouldn’t want your coverage to be cancelled because of one small mistake. By bundling all your policies together, this makes the process much easier every time.
Reduce your risk of being dropped
If you have multiple insurance policies under one provider, you could reduce the likelihood of losing your coverage. Let’s say you made several car insurance claims in the last year, causing your insurer to consider dropping you as a customer – bundling policies could reduce your chances because it shows you’re providing good business.
See how much you can save with a bundle insurance quote.
Get the best coverage at the right price by comparing bundle home and car insurance quotes online, for free. It only takes 5 minutes to save hundreds of dollars today.
Although most property and casualty (P&C) insurers offer the option to combine your auto and home policy together, here’s a list of some popular insurance companies in Canada that offer insurance bundles – and the discount you can expect to receive. Keep in mind, however, that the largest discount doesn’t necessarily mean you’re getting the best premium. Every insurer calculates home and car insurance quotes differently, so to make sure you’re getting the lowest rate possible, be sure to compare bundled insurance quotes with us.
How do you save bundling home and auto insurance?
The more insurance products you bundle, the more you can save. Depending on the insurance provider and type of product bundle, you could see anywhere from 5% to 50% off discount. That’s why we recommend comparing home and auto insurance bundle quotes – to make sure you find the best rates possible.
Should I bundle my home and auto insuance?
The simplest answer is yes you should. If you have both a home and auto insurance policy it offers you a great opportunity to bundle and save up to 25% annually. Bundling or having multiple insurance policies of the same type of insurance with the same insurance company always provides you with a great discount. Remember to ask your insurance policy what the discount is, so you can know how much you saved.
Is it cheaper to bundle home and auto insurance?
Typically yes you will get a cheaper rate if you bundle your home and auto insurance with one insurer instead of having separate policies with multiple insurers. Though it is most likely you will save by bundling, sometimes you may find it cheaper to purchase insurance separately from multiple carriers. That's why we always recommend comparing and shopping the market to see what the best option is for you to maximize your annual savings.
One thing to consider is that it maybe more convenient to have all your coverage coming from one carrier. It is only one monthly payment and you only need to develop a relationship with a single company. For simplicity and efficiency sake you may forego additional savings.
Which company offers the best home and auto insurance bundles?
The best insurance company for yourself will be the one that meets all your coverage needs for the best rate possible. By providing us with a few details, we can show you customized quotes for your car and home insurance bundle from multiple top providers across Canada – and connect you with a licensed insurance broker – so you can select the best insurer for your specific case.
What is a multi-policy discount for insurance?
A multi-policy discount is generally the same as an insurance bundle – by purchasing more than one policy from a single insurer, you can bundle your products together and receive a lower coverage rate.
Can you bundle life insurance with your car and home insurance?
A bundle with auto, home, and life insurance typically isn’t as common as one with only auto and home coverage – many property and casualty (P&C) insurers don’t offer life insurance while many life insurance companies don’t offer car and home insurance. However, among the providers that offer all three types of coverage, you may be eligible for a bundle discount. For instance, with TD life insurance, you can get 10% off your term life insurance if you’re also an auto or home policyholder with the company.
Are there other ways to save on auto and home insurance?
Yes, other than bundling your insurance products, there are many others ways you can lower your policy’s premium – such as comparing car insurance quotes or home insurance quotes from multiple providers and keeping a clean claims history. For more information, visit our pages on how to save on car insurance and how to save on home insurance.
Can you bundle car insurance with a boyfriend or girlfriend?
Yes, you can apply for a multi-policy or multi-vehicle discount. One person in the relationship - typically the individual with the most experience and best driving record should be the primary insured individual and policy holder. You can then add the second vehicle policy and second insured individual to your policy. Both people should see savings on their policy by combining under one insurer. We recommend comparing the market to see which insurance company will offer you the best discount.
Can you bundle renters and auto insurance?
Yes, assuming the insurance carrier offers coverage for both renters and auto insurance then you should be able to bundle the policies and receive a discounted rate in return. It would most likely be the cheapest way to get insurance for those coverage needs.