Bundling Car and Home Insurance Saves $295 on Average
Louisiana Residents Save Most, Idahoans Benefit Least
Consumers save an average of $295 (16 percent) per year when they purchase their car and homeowner’s insurance from the same company, according to a new insuranceQuotes.com report.
Hawaii improved the most from last year (66 percent, from an average savings of $116 to $192), followed closely by Florida (65 percent). Residents of 36 states currently save more by bundling than they did last year.
Idaho ($172), Vermont ($174), Utah ($183), West Virginia ($184) and Virginia ($189) have the lowest average annual savings. In West Virginia, the average bundling discount dropped 26 percent from last year, more than any other state.
“In most cases, you’re going to save money by bundling your policies together, but I always tell people to get quotes together and separately,” said Laura Adams, senior analyst, insuranceQuotes.com. “Every situation is unique and some people are able to save money by splitting their policies between different insurers.”
The average savings for combining car and condo insurance is 11 percent; consumers who bundle car and renter’s insurance receive an average price cut of eight percent.
InsuranceQuotes.com commissioned Quadrant Information Services to calculate rates using data from the largest carriers (representing 60-70% of market share) in each U.S. state and the District of Columbia.
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