Americans Save $314 Bundling Auto and Home Insurance
— New Study Finds: Americans Save $314 by Bundling Auto and Home Insurance —
AUSTIN, TEXAS (September 21, 2016)—According to a new nationwide study by insuranceQuotes, consumers save on average $314 (16.19%) per year by bundling their auto and homeowners insurance.
“Discounts for bundling auto and home, condo or renters insurance vary by state, and can help many consumers save more than $500 per year. Combining policies with the same insurer is a simple and easy way to reduce premiums,” said Laura Adams, senior insurance analyst for insuranceQuotes.
Here are the states with the highest savings for bundling auto and homeowners insurance:
- Louisiana – $584 (19.68% discount)
- Oklahoma – $541 (22.34%)
- Texas – $473 (17.30%)
- Kansas – $444 (22.07%)
- Mississippi – $430 (19.90%)
These states showed the lowest savings:
- Vermont – $183 (12.42% discount)
- Hawaii – $189 (11.15%)
- Utah – $191 (14.20%)
- Virginia – $193 (11.83%)
- Washington – $214 (14.15%)
“Combining policies usually saves money, however, there are scenarios when using separate providers could be a better option,” added Adams. “So always compare quotes both bundled and unbundled.”
The full report—including rankings and savings for all 50 states, plus condo and renters data—is available at /home/bundling-your-insurance-for-savings-092016.
insuranceQuotes 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.