Are you in the market for some new insurance? Or perhaps you are looking to lower your insurance rates on big ticket items like your house or your car?
If so, then you might be surprised to learn that there’s an opportunity out there looming where you can jump in right now and possible save over $400 a year on your insurance coverage.
When the economy started to tank back in 2007, it sent the insurance market into a tail spin as the majority of consumers started cutting back their expenses and shaving down their insurance packages.
As consumers started to shave down their packages, the insurance companies had to tighten their belts and find more creative ways to keep their profit margins increasing. One of those ways has been to simply raise rates on auto and home insurance coverage.
Insurance prices have been on the rise steadily, up 2.9 percent on auto and 3.4 percent on home over last year, according to research firm Stifel Nicolaus.
Bundling Your Insurance Coverage
But despite the rising rates of the individual insurance products, the insurance companies have also been delivering huge savings to customers who bundle their insurance coverage.
According to Reuters, one sample quote from Travelers Cos Inc. showed homeowners could save $400 a year by bundling home and auto insurance that would cost $2,450 separately. Individual savings for any insurance coverage will vary widely, however, according to things like your driving record and age.
Most insurance customers don’t realize that by bundling their insurance coverage, they can be saving themselves hundreds – and in some cases thousands – of dollars a year.
The deals are sweetest for customers who have good credit scores and clean driving records, as insurance carriers go hot-and-heavy after them to buy packages of their auto and home insurance (as well as life and other policies), according to Reuters.
So are you in a position where you can start considering bundling your insurance coverage? If so, you could be one of the millions of consumers in the United States who can be putting thousands of dollars a year back into their pockets.