3 Reasons All My Insurance Policies Are With the Same Company

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KEY POINTS

  • It's convenient to have one insurance company, but there are good reasons beyond convenience.
  • I pay less, and get additional coverage too.


Does it make sense to stick with the same insurer? It does for me.

When you buy insurance, you'll find many companies and many types of policies. After shopping around and getting quotes from several providers, I decided to get all my coverage from one company. There are three big reasons why it made sense for me.

1. I earn a discount for bundling coverage

One of the biggest reasons I've opted for one carrier is that I get a significant loyalty discount. My premiums are lower on all my policies because I bundled coverage. Before, I did a lot of shopping around. I found that even though other companies may be cheaper for an individual policy, none could beat the multi-policy discount my insurer offered.

2. It's more convenient

With one carrier, I don't need to remember which insurer I paid and which I still owe premiums, and the insurance company sends my bills for multiple policies around the same time. When I have a question about my insurance, I only have one company to call. And if something goes wrong -- for example, if a tree at my house falls on my car -- there's no question which carrier I deal with.

I also used to spend time researching customer service and claims information to make sure my insurers would reliably provide the promised coverage if I made a claim. By opting for one insurer, I can keep tabs on whether anything changes -- such as a shift in policy -- that might affect customer service and support.

3. My insurers require it to get umbrella coverage

Finally, there's another important reason I have all of my policies with the same carrier. To get comprehensive umbrella insurance coverage, I had to.

Umbrella insurance is secondary insurance that provides added coverage if the policy limits on the primary policies are exhausted. For example, if I had a serious car accident and was sued for more than my $250,000 liability coverage, my umbrella policy would pay any excess costs. The limits on my umbrella policy total $1 million, so it provides substantial additional protection.

I wanted an umbrella insurance policy that would supplement my auto or home insurance and provide the broadest possible protection for any situations where my assets might be at risk. I can, because I get my home, auto, and umbrella coverage with the same company.

For these three reasons, I have one insurance provider. Anyone shopping for coverage should consider whether it makes sense for them to do the same.

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