When you buy insurance, you’ll find many companies and many types of policies. After shopping around and getting quotes from several providers, I decided to get all my coverage from one company. There are three big reasons why it made sense for me.
1. I earn a discount for bundling coverage
One of the biggest reasons I’ve opted for one carrier is that I get a significant loyalty discount. My premiums are lower on all my policies because I bundled coverage. Before, I did a lot of shopping around. I found that even though other companies may be cheaper for an individual policy, none could beat the multi-policy discount my insurer offered.
2. It’s more convenient
With one carrier, I don’t need to remember which insurer I paid and which 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 at my house falls on my car — there’s no question which carrier I deal 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 one insurer, I can keep tabs on whether anything changes — such as a shift in policy — that might affect customer service and support.
3. My insurers require it to get umbrella coverage
Finally, there’s another important reason I have all of my policies with the same carrier. To get comprehensive umbrella insurance coverage, I had to.
Umbrella insurance is secondary insurance that provides added coverage if the policy limits on the primary policies are exhausted. For example, if I had a serious car accident and was sued for more than my $250,000 liability coverage, my umbrella policy would pay any excess costs. The limits on my umbrella policy total $1 million, so it provides substantial additional protection.
I wanted an umbrella insurance policy that would supplement my auto or home insurance and provide the broadest possible protection for any 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 one insurance provider. Anyone shopping for coverage should consider whether it makes sense for them to do the same.
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