How To Bundle Renters and Auto Insurance | 2020 – Get our quote online

Grouping is a common way to save money on most types of insurance policies, including renter insurance. When the time comes to renew your renters' insurance policy or buy a new one, it's worth finding out if you can save money by grouping your renters and auto insurance policies. Here is a primer on insurance grouping, in order to fully understand how it works, together with the steps on how to group renter insurance and car insurance. What is the insurance bundle The insurance bundle, sometimes called multipolicy discount, is a common way to save money on all insurance needs. Although bundling probably won't help you save money especially on your renters' insurance, it could help reduce the total bill for all insurance policies. Grouping is primarily a sales and marketing strategy commonly used by insurance companies. According to United Policyholders, a nonprofit organization that helps inform consumers about the insurance sector, companies push aggregation opportunities because they benefit from it. Offering such a discount is an easy way for companies to convince you to consolidate all your insurance activities in one place. However, this does not mean that even a renter and an auto insurance package cannot save money. There are certainly advantages in grouping insurance policies, but it is important to make sure that the advantages of grouping do not outweigh the disadvantages. Some experts warn that grouping can benefit insurance companies more than consumers. This is because it can be more difficult to make comparative purchases when policies are bundled with a company, and it also makes consumers less likely to leave their current insurance company and try to find a better deal elsewhere. We will see the details of this expert opinion, as well as other factors, later on the page. This guide will show you what to look for and what to avoid when grouping renters and auto insurance together to make sure you get the best deal for you. How does renter insurance renter work? Although many companies offer insurance grouping, not all of them offer bundled with every type of policy they sell. If you already have a policy like auto insurance with a company you are satisfied with, it is worth asking your agent if the company offers renters insurance with an aggregate discount. But if primary savings are your primary goal, you'll still need to compare bundled policy offers with competitors, as well as quotes for separate insurance policies. This can mean spending a lot of time on the phone; not all insurance companies offer quotes online, some offer quotes only for certain types of policies and some require discussing aggregation discounts with an agent. Bundled insurance saves money Bundled insurance policies can definitely save you money compared to paying for separate policies with the same company. But it's a little more complicated to determine whether grouping insurance policies is always the right decision. Among the suppliers of our 2020 Best Renters insurance companies, most offer the possibility of grouping an insurance policy for renters with another type of policy. However, your exact savings won't be clear until you contact an agent for a quote. In addition, the discount depends on the details of the bundled policies. For example, Erie Insurance offers grouping with cars and other types of insurance, and the company's website states that the discount from the grouping can also cover the cost of an insurance policy for renters. It looks good enough, but renters' insurance policies are cheap compared to other types of insurance and the website doesn't provide exact numbers or percentages to work with. Steven Weisbart, senior vice president and chief economist at the Insurance Information Institute, says that a quote for renters insurance bundled with another policy often breaks down like this: a policy is quoted at full price ( or close to it), while the other policy is heavily discounted. Although this makes it difficult to compare the price of each policy individually, Weisbart says not to worry about it. "I wouldn't focus on a particular insurance premium in a package – I'd focus on the total number of the package," he says. In comparison, Robert Hunter, director of insurance at the Consumer Federation of America, suggests checking the price of each policy individually and requesting quotes from multiple companies. This will ensure that you are actually getting a deal from the grouping, rather than paying the full price for both policies on one invoice. Is Renters Insurance Worth It? Pairing renters insurance with another type of policy may be worth it, especially if you can use the renters insurance policy to lower the price of a more expensive insurance, such as a car policy. Convenience is another advantage of grouping. In addition to the discount, consumers with bundled policies can consolidate their invoices and invoice payments. It is faster to pay two premiums in one invoice than to pay them separately. Grouping can also offer the benefit of a combined deductible. If an accident occurs that requires compensation for both renters and auto insurance policies, for example, you may only need to pay the maximum of the two deductibles instead of both. Despite the potential advantages of grouping, remember that insurance companies offer to discourage customers from shopping around. It is possible that you can save even more by purchasing individual policies from separate companies. Don't assume that the best deal will come from using a company for all your insurance needs. While discounts and convenience are the group's ultimate goals, customer satisfaction with an insurance company is also important. If you are saving money with a bundle but find the company's customer service deficient, this is a disadvantage of those bundled savings. United Policyholders cites a study by J.D. Power of 2011 which showed that consumers who used two different companies for auto and home insurance were more satisfied with the customers who grouped these two policies. This is because auto insurance companies sometimes offer lower prices and better service than larger competitors who sell many types of insurance. Since renters insurance is fairly inexpensive, whatever you save from bundling may not be worth the effort to sacrifice quality of service. What Companies Offer Renters Renters? Lemonade is the only insurance company in our evaluations that does not offer aggregations. The rest offer the following grouping options:
USAA: will group renters with homeowners insurance if you rent and own separate houses and you will also offer a group discount if you add a personally owned pilot to your renters policy
Erie insurance: offers packages with cars and other types of insurance
State Farm: offers bundled with auto insurance
Allstate: Offers packages with life and auto insurance policies
American family: Grouping options include auto, life, business, and recreational vehicle policies
On a national level: it offers packages with life and car insurance, as well as motorcycle and water scooter insurance
Farmers: Offers discounts for renters insurance bundled with another policy.
Liberty Mortgage: Call an agent to discuss grouping options
Travelers: Grouping options include car, umbrella, boat and additional coverage of personal items
How Renter Insurance Rated in the United States News We explain what matters most to consumers, experts, and professional reviewers when it comes to renter insurance. We therefore provide an impartial assessment of the renters insurance providers available at the time of the review. Our goal is to provide consumers with the information and tools they need to make informed decisions. More information about our 360 reviews methodology for renters insurance companies evaluation is available. Other insurance guides for renters: United States. The 360 ​​reviews have an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission, but this in no way affects our editorial independence.