How Much Money Can You Save by Combining Your Insurance Policies by State
Policy consolidation or “bundling” is a quick and easy way to save money on insurance, but your mileage will depend on where you live. Here are the states where combining insurance policies pays off the most.
We’ve already told you that you can often save on renter or homeowner insurance by combining it with an auto insurance policy . Savings on bundling are slightly higher this year than last year, according to a recent report from InsuranceQuotes.com. They calculated the average savings across states using data from the largest insurance companies, which they say account for 60-70 percent of the market share. They further explain their methodology:
For the second year in a row, insuranceQuotes.com is ordering Quadrant Information Services to study the average economic impact of combining auto insurance with homeowner, apartment or renter insurance. Using a hypothetical 45-year-old married woman with a bachelor’s degree, excellent credit score, and no insurance interruption, the study compared the average premium discount for three trim levels across all 50 states plus Washington, DC. The results were intriguing for insurance. analysts and experts.
In the picture above, you can see how much you can expect to save in each state, specifically by combining home and car insurance. Here are a few highlights:
- On average, you can save 15.97 percent by combining home and auto insurance policies in the US as a whole.
- The biggest savings were in Georgia with an average discount of 22%.
- Florida had the smallest savings, averaging 7.6%.
The picture above shows the savings only when combining homeowner insurance – to check out the savings on renter insurance, follow the link below. They also explain why savings can vary from state to state.
Combining home and auto insurance can cut your costs by up to 25% | InsuranceQuotes.com