Grouping two or more products into one package is called “bundling,” and it is a marketing strategy we are exposed to every day. It could be in the form of a limited time promotion, or a contract you need to commit to over a specified amount of time to reap the savings.
- Purchase a sandwich and a drink, get fries for free.
- Combine your phone, internet, and cable plan for one low monthly price.
The result is a win-win for both the customer and the business. The consumer receives more services/products at a lower price than purchasing each individually while the company is generating more revenue.
A most notable type of “bundling” is with your insurance. We have all seen and heard the commercials…” Give us (insurance company) so many minutes, and we’ll (insurance company) save you money (10%/20%)!”
What exactly is insurance bundling?
Insurance Bundling provides customers with more choices and better value, bringing together complimentary solutions with a degree of customization. In other words you are purchasing more than one insurance policy from the same company.
Insurance bundling is also known as a multipolicy discount or multiple line discount, and it is a means of saving on your overall insurance bill. The best types of insurance to bundle are those that are linked to each other, such as property insurance and vehicle insurance. In addition to savings on your overall insurance costs, it also simplifies your bill paying and record keeping, allowing you to track and update your policies through a single company website. Another advantage to bundling is that it creates a customized package for your specific needs.
Bundling is not a guarantee of savings. Depending on where you live, your claim history, your credit history, and the types of coverage you want, bundling may not be the best solution for you. There are also policies available that provide accident or ticket forgiveness, in addition to bundling.
Contact Melissa Garland at Charles Leach to talk about how you can bundle your insurance and save money. She can be reached at 814-275-3224.