Reader’s Question:

Will I able to get low auto insurance rates if I combine multiple insurances into a single policy? Is it possible to have the same carrier on multiple insurances?

Wilma

Cheyenne, WY

Yes, it is possible to combine multiple insurance into a single policy. Most insured do this in order to take advantage of the discounts and low auto insurance rates most companies offer on multiple insurance on a single policy. Some combine health insurance coverage with auto insurance, some mix homeowners and auto insurance, and others do multiple cars on a single policy in order to get a 50 percent discount on either cars or all cars. You can get low auto insurance rates if all your insurance plans are all under a single carrier or with the same insurance company.

However, some experts discourage this kind of transaction as prices still differ from company to company. For example, company A and company B both offer 10% reduction on prices on multiple insurance under a single policy. Let’s assume that company A’s rates are $400 for auto insurance and $600 for Life insurance, which sums up to $1000. Compare that with Company B’s rates of $600 for auto insurance and $400 on life insurance, which again sums up to $1000. Both will have a final value of $900 considering the 10% discount rate; both offer 10% discounts and both are fair deals. But consider this, if you purchase and single out their cheaper rates, you can still save enough money even without the discounts. You can get the $400 auto insurance from Company A and the $400 life insurance from Company B. If you add these up, you’ll get a cheaper price of $800. Even though the figures used in our example above are not exact figures from auto insurance companies, it is still a fact that prices still vary widely from company to company, and you should not take this lightly. Going through the same process of comparing prices will ultimately will give you low auto insurance rates and save you a lot of money.