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If you watched any live TV lately, you’ve probably seen at least one insurance company promising to save you money by bundling your insurance coverage.
So, does bundling your homeowners and auto insurance really save you money?
It depends. But a new survey conducted by insuranceQuotes discovered bundling does generate savings on your premiums.
How much savings will vary depending on what policies you bundle, where you live, and your financial situation.
The national average premium discount for bundling auto and homeowners insurance is 16.1 percent, according to insuranceQuotes.
While bundling still saves money, it’s less for a condo-auto bundle (11.6% premium discount) or a renters-auto bundle (7.9% premium discount), according to the survey results.
For customers and insurance companies bundling appears to be a win-win.
Bundling policies helps companies retain customers and it saves them money over time, because on average customers who bundle multiple policies tend to file fewer claims, analysis shows.
Check out the average savings by state here.