Insurance policies

3 reasons why all my insurance policies are with the same company

Image source: Getty Images

Does it make sense to stay with the same insurer? This is the case for me.


Key points

  • It’s convenient to have one insurance company, but there are good reasons beyond convenience.
  • I pay less and also get additional coverage.

When shopping for insurance, you will find many companies and many types of policies. After shopping around and getting quotes from multiple vendors, I decided to get all my coverage from one company. There are three big reasons why this made sense to me.

1. I get a discount for bundled coverage

One of the main reasons I went with a single carrier is that I have a significant loyalty discount. My premiums are lower on all my policies because I bundled coverage. Before, I did a lot of shopping. I found that while other companies may be cheaper for an individual policy, none could beat the multi-policy discount offered by my insurer.

2. It’s more convenient

With just one insurer, I don’t have to remember which insurer I paid and which one I still owe premiums, and the insurance company sends my bills for multiple policies around the same time. When I have a question about my insurance, I only have one company to call. And if something goes wrong – for example, if a tree in my house falls on my car – there’s no question which carrier I’m dealing with.

I also used to spend time researching customer service and claims information to make sure my insurers would reliably provide the promised coverage if I made a claim. By opting for a single insurer, I can keep tabs on any changes – like a policy change – that might affect customer service and support.

3. My insurers require it to get umbrella coverage

Finally, there is another important reason why I have all my policies with the same insurer. To get full umbrella insurance coverage, I had to.

Umbrella insurance is secondary insurance that provides additional coverage if the policy limits of the primary policies are exhausted. For example, if I had a serious car accident and was sued for more than $250,000 in liability coverage, my master insurance policy would pay for all excess costs. My umbrella policy limits total $1 million, which provides substantial additional protection.

I wanted an umbrella insurance policy that would complement my auto or home insurance and provide the broadest protection possible for all situations where my assets might be at risk. I can, because I get my home, auto and umbrella coverage with the same company.

For these three reasons, I have only one insurer. Anyone looking for coverage should consider whether it makes sense for them to do the same.

Providing peace of mind for life’s moments

Insurance isn’t something we often think about until we need it and that usually means you don’t spend a lot of time researching what’s best for you and your personal situation. Taking the time to learn about the basics of insurance, whether it’s how to get discounts on your home insurance policy or the best way to get a car insurance quote, will help you save money and ensure you have the right insurance coverage for your needs. .