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    The Biggest Insurance Discount: Bundling Your Policies Together

    Posted by Val Feeney

    Wed, Feb 06, 2013 @ 09:04 AM

    Trying to save money on your insurance?

    Bundle your home insurance for discounts with andrew gordon inc
    Bundle your car insurance for discounts with andrew gordon inc
    Bundle your life insurance for discounts with andrew gordon inc

    The best way to lower your insurance costs is by placing both your home & auto policies with the same insurance company. Insurance companies offer “multi-line” discounts of up to 20% to attract the customers who will place more than one policy with them. These discounts allow the insurance company to charge significantly less for your home & auto together than compared to insuring the policies separately at more than one company.   

    Chances are, when you bought your first auto policy, you used the same insurance company as your parents or siblings. You may have since changed it to another insurance company through a savings offer, but have never made a conscious decision to choose one company over another. 

    The same scenario is common among homeowners. When buying a home, the first time buyer often gets insurance through whichever company the bank or broker recommends, or uses the same as their parents or friends.  But rates are different for different kinds of homes.  Since the insurance is often paid through the mortgage after the first year, the new homeowner never shops for better insurance options after the initial purchase.  The insurance market is so dynamic, it's really valuable to have your agent shop your program periodically.  Id if they aren't bundling the home and the auto, you may be leaving money on the table.

    The customer has separate insurance policies, each with a different company, resulting in three separate insurance bills each month. This is a sure fire way to pay the most for insurance. 

    Today insurance companies use multi-tiered rating algorithms with all kinds of separate charges and credits for particular variables to achieve unique rates for every customer.   (For more on the math behind insurance company rating, see our separate blog).

    But for most people the biggest single discount is the "account discount" when the home (or apartment insurance) is bundled with auto insurance.  Credits apply both ways, meaning these credits lower the cost of BOTH the auto insurance and the homeowners insurance.

    One exception to this general rule of thumb is for homes near the coast.  Coastal home insurance carries all kinds of unique challenges (which we are quite familiar with and capable of addressing), but these variables may be the only time when home-plus-auto discounts don't trump everything else.

    Contact us here at Gordon Atlantic Insurance, or talk to your own local independent agent today to have your home, auto, and life insurance quoted together with several companies. This will give you the chance to review your options, which will most likely be significantly lower in cost.  Also, if a life altering event takes place and you need to use the insurance, the claim process will be simplified with only one insurance company in the mix.

    If you would like to see if bundling can save you money, give us a call: 800-649-3252

    or fill out our online form by clicking here:

    Contact Us

     

    Tags: home, auto, company, policy, account, bundle, bundling, policies, same, insurance, discounts

    Insure a Teenager: How to Add Your Teen to Your Insurance

    Posted by Val Feeney

    Fri, Sep 30, 2011 @ 05:01 PM

    Cover your automobile and new teenage driver with auto from Gordon InsuranceThe day you have dreaded, as a parent, has finally arrived; your teenager has passed their driver’s license exam and is now able to drive a car legally in your state.  Now what?  Well, the teen driver has to be insured.

    The Problem with Teen Insurance

    Adding your teen driver to your auto policy can be expensive.  The reason is because statistics show that 42% of first year drivers have an accident in their first year of driving. 

    Steps to Add Your Teen

    You should contact your insurance agent (that's us!) and ask them to quote your teenager with your current auto policy. They will take the teen’s name, date of birth, address, AAA membership number (if applicable) and quote them with the vehicles that you own. The teen will automatically be rated as an inexperienced driver (Step 0 in Massachusetts) under the more expensive vehicle on your policy. If you have purchased a vehicle for the teenager, he/she can be listed as the principal driver on that vehicle and then be listed as an occasional driver on the other vehicles, keeping the premium to a minimum. 

    Discounts

    The teen may be available for discounts if he or she:

    • Took a driver’s education course

    • Participated in an advanced driver training class

    • Is a good student and maintains a B+ average or better

    Talk to Your Teen

    It is wise to sit your new teen driver down before they receive the keys to go over driver safety and the junior operator laws they must follow.  We also advise you to go over the New Driver Parent Contract we have created here at Gordon Insurance.

    If you have any questions, contact us here at Gordon Insurance and we will be glad to speak with you regarding your new teen driver.

    Learn more about your auto insurance options here. For more information for parents and new drivers, click here.  

      Teen Driver Kit  

    Val Feeney

    Tags: auto, first year driver, account, teenager, insurance, driving, discounts, teen

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