Last month insuranceQuotes.com commissioned a Quadrant Information Services study that examined the average economic impact of bundling auto insurance with either homeowners, condo, or renters insurance. A multi-policy discount, or bundling, is one of the most popular discounts property and casualty insurers have to offer. According to insuranceQuotes.com, insurers offer bundling (typically home and auto) because it saves both them and insureds money in the long run.
"Insurance companies want to maximize profits, and the more business they write, the better," says Mark Carrasquillo, an insurance agent with the New York City-based E.G. Bowman Co. "Bundling discounts are a way to entice the consumer, which means more business for the insurer."
Using a hypothetical 45-year-old married woman with a bachelor's degree, excellent credit score, and no lapse in coverage, the insuranceQuotes.com study compared the average preminum discount for three types of bundling in all 50 states and Washington D.C.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
