Buzz
Bundling policies is an effective and simple way to lower insurance costs, but the savings vary based on your location. Here are the states where bundling brings the most savings.
As we've mentioned before, combining renter’s or homeowner’s insurance with car insurance can often result in savings. A recent report from InsuranceQuotes.com shows that the savings from bundling are slightly higher this year compared to last. The report calculated average savings by state, using data from the largest insurance carriers, which they say cover 60-70 percent of the market. Here's how they arrived at their findings:
For the second consecutive year, InsuranceQuotes.com worked with Quadrant Information Services to analyze the financial benefits of bundling auto insurance with homeowner’s, condo, or renter’s insurance. The study used a hypothetical 45-year-old married woman with a bachelor’s degree, excellent credit score, and no insurance gaps. The study looked at the average premium discount for three types of bundling across all 50 states and Washington, D.C. The findings caught the attention of industry experts and analysts.
The graphic above shows the expected savings in each state when bundling homeowner’s and auto insurance. Here are some of the key takeaways:
- On average, bundling homeowner’s and auto insurance policies in the U.S. can save you 15.97 percent overall.
Georgia offers the highest savings, with an average discount of 22%, while Florida has the lowest savings at 7.6%.
