Guide To Renters And Auto Insurance

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You’ve probably worked hard to build your finances, your family, a home and a car. It is a given that you want to make sure that everything is protected. Thus it is highly recommended you have insurance for both your rental home and car.

Car insurance or Auto insurance is mandatory in almost every state, and renters insurance is strongly recommended too. Fortunately, you can save both policies by bundling your purchase with one insurance provider.

What do Renters and Auto Insurance Policies Entail

Renters insurance is an insurance policy that protects you and your belongings from such things as damage, theft, and other unprecedented events that lead to loss of your property. On the other hand, an Auto insurance policy covers your vehicle against loss or damage from an accident, fire, theft, or malicious damage.

Who Needs Renters And Auto Insurance?

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As a renter, you don’t own the structure, so you are not likely to insure it. You are only required to get renters insurance if your landlord requires that tenants have it. However, the things inside your rental are probably important to you, and one good reason to consider renters insurance is to cover your belongings.

On the other hand, auto insurance or car insurance is mandatory. If you are a motorist in Canada, you must have auto insurance, and driving around in a car that is not insurance covered can lead to a hefty fine.

For instance, Ontarians caught without auto insurance coverage are in for a fine of up to $ 50,000, and their driver’s license can be suspended or their car impounded. So, whenever you drive a vehicle around in Canada, you should ensure that you are well covered against the risks that come along with driving. Thus, taking auto insurance, in any case, is indispensable.

Do scroll through the best auto insurance by province and territory in Canada.

What Is Bundling Insurance?

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Bundling insurance involves buying multiple types of insurance policies from the same insurance company. It means all your insurance policies will be located in one place, making insurance even more convenient. The main reason people are opting for bundled policies is the benefits it comes with.

Benefits of Bundling Insurance

Most often, it makes sense to bundle your insurance policies for the following reasons.

It’s Cost-effective

Most insurance providers will offer a discount when you bundle your policies in a bid to attract loyal customers for the long term. Usually, the typical bundle will have a discount of up to 10 % on each insurance policy, which means you get a discount of up to 20 %.

It’s Convenient

Bundling your insurance policies will make things easier for you. Since bundling keeps several policies in one place, it becomes easy to access all your policies at once. You may need only one login and password for your multiple policies, and you will have only one agent to call if you need to make changes to your policies. Imagine logging in on one website to make a payment or ask a question regarding any of your policies. What’s more, you won’t have to send payments to separate places.

Simple Multi-claim Processing

You might have to juggle multiple claims if, say, a severe fire damaged your home and vehicle or injured a family member. It will cause you stress. To avoid this hassle and wasting time on the phone with two different claim agents, why not bundle your policies with one provider. A dedicated agent will take care of everything at once for you.

How Do You Bundle Your Insurance?

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Bundling renters and auto insurance is simple and requires only a few steps.

  1. Shop around comparing between insurance providers and compare policy prices and bundling discounts. That will ensure you get the best deal for the bundle you want.
  2. Settle for the provider that offers a rental and auto insurance bundle for the price that you best like.
  3. Contact an agent at your preferred company or visit the company’s website. Most, if not all, insurance providers have a website. Select the bundling option while filling out your application.
  4. If you are speaking to an agent, tell them that you would like the option to bundle your renters and auto insurance policies.

Suppose you already have purchased one insurance policy and don’t want to switch your insurance provider. In that case, all you have to do is contact your insurance agent and inform them that you would like to bundle your insurance policies.

Frequently Asked Questions About Renters And Auto Insurance

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Can You Bundle Renters And Auto Insurance?

The answer is a big Yes! Many insurance providers offer not only renters and auto insurance bundles but also more bundles. Check with your insurance company/provider to see what bundling options they provide.

What Things Should I Consider Before Bundling?

Suppose you have already purchased one insurance policy with a particular insurance provider and want to bundle. In that case, you might not spend time comparing prices elsewhere, which is advantageous to the insurance company but not to you.

Make sure to research the costs of policies before you jump into bundling just for the discounts. You will be surprised to find there are multiple providers with the same coverage but for lower prices.

When Should I Bundle My Insurance Policies?

There is never a wrong time to bundle your policies. Nonetheless, the ideal situation is when you are purchasing a new home. For instance, most young people signing up for their first car insurance often go to their parent’s insurance provider; they stick with that coverage for years. Instead of shopping around for renters insurance when they want to purchase their own homes, they can bundle their policies with their auto insurance provider and start saving.

Endnote

Driving your car around without being covered is like driving on the wrong side and inviting death, and I bet you don’t want your driver’s license suspended or your car impounded. Renters insurance will protect your property in a rented house and pay for lost or damaged belongings – enough reasons to consider purchasing insurance.

There are numerous insurance providers in Canada, each one using its practices to convince you that they are the best choice available in the market. But, how exactly can you make sure that you are settling for the best insurance rates or quotes? Well, why not visit Canada’s top insurance marketplace – Surex.

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