If you want to reduce your car insurance payments, you may benefit from purchasing a multi-line insurance policy from your auto insurance provider. Multi-line insurance policies allow you to combine coverage with your homeowner’s insurance, renter’s insurance and auto insurance so that you can enjoy a discounted rate.
Only some insurance providers offer this option, so you will need to shop around and consider the benefits of combining your policies before signing the contract for a multi-line insurance policy. Here are some tips for negotiating and purchasing a multi-line insurance policy:
Negotiating for a Multi-Line Insurance Policy
If you are currently purchasing insurance coverage for your home, apartment, recreational vehicles and automobile from different insurance providers, it may be beneficial to combine all of your policies with one insurance provider. Some insurance providers will offer a discounted rate on all types of insurance coverage just to acquire you as a new client, while others will extend a special offer or package based on what you need.
Consider placing all of your insurance needs with a single company, and shop around for the best quotes. Explain to the insurance agent that you are shopping around and are looking for the best rates on the complete package. Most will be willing to negotiate for a multi-line insurance policy rate so that you can become a lifelong customer.
Some of the important questions to ask when negotiating for a multi-line insurance policy include the following:
— How much will I be able to save with multi-line insurance versus purchasing insurance coverage independently?
–Will I save money by paying for the policy upfront?
–Do you offer additional discounts for a clean driving record, security gates and measures on my property, or if I have completed a defensive driving course?
–Do you accept discounts from my employer?
–Do you offer additional benefits, such as roadside assistance, towing, car rental reimbursement and other programs for multi-line insurance policy holders?
–What will the basic coverage on each asset cover? What coverage would you recommend and why?
Purchasing a Multi-Line Insurance Policy
Purchasing a multi-line insurance policy can be complicated, especially if you are already under contract with other insurance providers. After you are done comparison shopping, you will need to review all of the limitations and restrictions on coverage for each type program you are enrolled in.
Each person’s situation will be different, and you may or may not need the highest level of coverage for certain vehicles or your property. Sit down with your prospective insurance provider, or set up a telephone meeting so that you can discuss exactly what you need.