Bundling all of your family together into one family auto insurance policy is just good sense. Insurance companies often offer a deduction on each person the policy covers in family auto insurance, leading to significant savings over the course of a policy. Newlyweds often leave both of their vehicles on separate policies. This can be a mistake and lead to significant money loss. Parents who get a new-to-the-wheel teenager a separate policy can also expect to pay through the nose on the youngsters premiums. With multiple children driving, this can be even truer. Insurance companies are often happy to bundle more than one type of insurance together as well, for families who need multiple insurances.
Even there is money, to be saved by combining insurance policies. Some insurers offer discounts on the overall cost of the policy to married people. Almost all policies will cost less per head if all of the policy holders and vehicles are on one insurance policy. In the rush of a wedding, moving in together and beginning a new life, it can take months, or years, to combine all of the finances. In many cases, this isn’t a terribly tremendous deal, but with car insurance it typically means missing out on savings.
When the kids learn to drive, parents sometimes think the better options is getting several policies instead of one large family insurance plan. While this can protect an increase in premiums if the teenager is accident prone, overall it tends to costs hundreds or thousands of dollars more over the course of the policy. Parents with good driving records can almost always save money by adding the new drivers directly onto the new family policy. With multiple teens under one roof and in one fleet of vehicles, this adds up to even more savings.
Families who need multiple insurances will find that insurance companies are often extremely happy to work with them. Policies on all types of vehicles like boats, all terrain vehicles and motorcycles can typically be rolled into one policy or at least “bundled” for savings on each policy. For families with several vehicles, as well as families that own property, this can lead to considerable savings.
Just remember, a single family usually only needs a single insurance policy. Newlyweds are encouraged to combine policies as soon as possible for maximum savings. When it comes to teenagers, keeping all of the car insurance policies in the family is almost always the best option. Smart consumers can save extra money by bundling other insurances to their existing automotive insurance.