Bundled Home and Auto Insurance in Ontario

Ontario Home and Car Insurance Bundle

There is no doubt that some things are just meant to be together. They are better together. The same is true of bundled home and auto insurance.

Bundling home and auto insurance policies with one insurance company provides numerous benefits. Not only can you save on your bundled home and auto insurance premium, but it also makes your insurance more straightforward and ultimately provides additional coverage that keeps you, your home and your vehicle safe.

What Is Bundled Home And Auto Insurance?

An Ontario bundled home and auto insurance package is when you purchase your home insurance and auto insurance with the same insurance carrier. It could cost you more if you purchase individual policies, especially if you buy these policies from two different companies.

When you purchase a bundled home and auto insurance policy covering your home and vehicle, your insurance company can give you a multiple-policy discount. This discount is referred to as "bundling." Home and auto are a standard set of insurance policies to combine, but you can also receive bundle discounts on a wide range of insurance products. Usually, the more you bundle, the better coverage you'll receive from that company.

Why Should I Choose Ontario Bundled Home and Auto Insurance?

There are a few reasons why you should bundle home and auto insurance. With bundled insurance, you can benefit from bundled savings, the convenience of having your home and auto policy in the same place, possibly only having a single deductible, the option to add extra liability coverage, and so much more. In Ontario, if you drive a car, you're required by law to have insurance. Likewise, if you pay a mortgage, lenders typically require you to have home insurance. Besides, why wouldn't you want to protect your most significant assets with a comprehensive insurance policy? Let an insurance broker provide multiple bundled home and auto insurance quotes to get you the best coverage at a preferred insurance rate.

Lower Premiums

Insurance is necessary to protect what you care about. But it would be nice to save on your insurance costs. Take advantage of savings from a multi-product discount with bundled home and auto insurance policies. You could finally buy that boat you've been eyeing or invest in a lake-side cottage.

Save Time

Although cost savings are a benefit of bundling insurance, convenience is also an advantage. If you need to update your policy, like changing your address or adding a new driver, dealing with one insurance provider will save you time and help make your life more stress-free.

Single Deductible

Another potential advantage of bundled home and auto insurance in Ontario is that you may only need to pay a single deductible if you ever make a claim involving your home and vehicle simultaneously. For example, suppose a significant storm sweeps through Ontario or your home is flooded, damaging your property and vehicle. In that case, you may only have to meet one deductible before it pays out. However, it's important to note that this isn't always the case with bundled home and auto insurance, and you may have two deductibles depending on how your policy is written. If you're unsure how deductibles are structured on your policy, contact your Morison Insurance broker to learn more.

Improve Coverage

Lastly, adding extra liability coverage is one of the most significant benefits of bundled home and auto insurance. Sometimes standard coverage limits aren't enough to cover all the expenses that can arise from a liability claim, and that could leave you without the total compensation necessary to avoid paying out of pocket for any amounts that exceed your coverage limits. Consider adding excess liability coverage or umbrella insurance when you have an Ontario home and car insurance bundle.

Most companies will allow you to purchase an umbrella policy if you combine car and home insurance with them. An umbrella insurance policy provides additional liability coverage beyond the limits that are included in your existing home and auto insurance policies. Your broker will ensure that you are adequately protected and have the right amount of liability coverage when providing you with bundled home and auto insurance quotes.

What Are Some Extra Coverage Options For Bundled Home And Auto Insurance in Ontario?

Some additional coverage options that you can add to your bundled home and auto insurance policy include loss of use protection, accident forgiveness protection, water damage protection, and identity theft protection.

Our expert brokers offer unique policy packages for home and auto insurance bundles. You can tailor your policy to include additional optional coverage types to protect your home and vehicle properly. Our brokers will ensure you have the best coverage when you combine car and home insurance.

Equipment Breakdown

Equipment breakdown coverage was only applied to commercial insurance policies in the past. But it's now becoming an increasingly popular option for personal insurance, and it's a great option to consider adding to your Ontario bundled home and auto insurance. Equipment breakdown coverage applies specifically to components of your home that are not strictly part of the building but also aren't exactly the content of the building, such as your personal possessions. That can include your HVAC system, heated floors, appliances, a pool filter system and other similar equipment. Should any of your home's equipment break down due to an insured peril, your insurance company would provide compensation to take care of repairs or replacements so you can get the property functioning normally again for the comfort and safety of your household.

Loss Of Use Protection

Regarding your auto insurance, this type of protection will provide you with the coverage you need to obtain a rental car if your vehicle is being repaired after an accident. Loss-of-use coverage will ensure you get a rental car, whether the accident was caused by you or someone else. This endorsement on your home and auto insurance bundle policy would help minimize issues in the event of a collision. You can still get unaffected from point A to point B, just as you would on any other day.

This type of coverage is very easy to add to your automobile insurance policy. It's also very affordable. In your annual premium, you would pay about the price of renting a car for one day to add loss-of-use protection. In our experience (and we're sure yours), repairs can take longer than one day.

Accident Forgiveness Protection

Did you know that one at-fault accident could cause your insurance rates to increase by hundreds of dollars? We will strive to find you a policy that understands accidents can happen to anyone, even the most experienced driver. A policy with accident forgiveness protection will prevent your automobile premiums from increasing in the event of your first at-fault accident. It would be like the first accident never happened, and the driving record on your existing policy would not be affected. Accident forgiveness protection is worth the peace of mind of knowing that your car premiums will remain where they are.

Water Damage Protection

Did you know that more than 70% of damages to the home are caused by water? Every day homes across Ontario suffer water damage, and the risk of it happening at your home is no exception. With the recent changes in weather patterns and climate, severe weather events are becoming more frequent and causing more damage. Extreme storms that used to happen every 40 or 50 years in Canada now occur in some areas or regions every 5 or 6 years. Changing weather patterns force the insurance industry to adjust policies to address these new risks. This is especially true regarding coverage for water damage to your home. Consider adding water damage protection to your car and home insurance bundle policy.

Identity Theft Protection

Personal identity theft is one of the fastest-growing crimes in Canada. More than 35,000 Canadians are victims of identity theft every year. If you make purchases or payments online, you could be at risk. It takes a criminal a shockingly short amount of time to steal your identity. Personal identity theft coverage is affordable, with an average monthly premium being under $5 a month. This coverage can be added to your current property policy by endorsement. It protects you from the cost of repairing your financial history or resolving problems resulting from identity theft, including legal representation, loss of wages, loan re-application fees and replacement of stolen identification. Identity theft protection covers you and others living in your home, making it a smart addition to your Ontario home and car insurance bundle.

Uninsured Motorist Coverage

We all know that you must have auto insurance coverage to drive a vehicle in Canada legally—but that doesn't stop some people from getting on the road. At the same time, they're seriously underinsured or not insured at all. Those coverage gaps can affect you, even though you have no control over what other drivers choose to do. Suppose you're involved in an accident where an underinsured or uninsured driver is at fault. In that case, it's unlikely you'll be able to receive the compensation you're entitled to for expenses like the repair or replacement of your vehicle or loss of income while you recover from injury. With uninsured motorist coverage added to your bundled home and auto insurance, you can get the compensation you need and deserve from your insurer and have the peace of mind that comes with knowing you won't suffer severe financial setbacks due to someone else's bad decisions.

What Other Types Of Insurance Policies Can I Combine?

Bundled home and auto insurance are the most common bundle. However, they are not the only type of policies you can bundle. There are many bundling options available to you!

Depending on the insurance company, you can also bundle recreational vehicles such as an ATV, RV, snowmobile, travel trailer or even your boat insurance. Motorcycle insurance can be bundled with homeowners' and auto insurance coverage. Still, it's important to note that you must have an auto insurance policy in place to get motorcycle insurance. This way, you can receive a discount on motorcycle insurance. Classic car insurance can also be added to an Ontario bundled home and auto insurance package.

If you're a renter, you should also talk to one of our friendly brokers to see if you could bundle your renter's insurance with your automobile insurance. Condo insurance can be bundled together with your auto insurance policy. And, if you have seasonal properties or a second home, cottage insurance can and should also be included in your Ontario home and car insurance bundle. The more you bundle, the better coverage you may receive. Our expert brokers happily provide multiple bundle insurance quotes from leading Ontario insurers.

Who Needs Bundled Home And Auto Insurance?

Anyone with a property and an automobile would benefit from a bundled home and auto insurance package. Not only can you save, but bundled insurance can simplify your policy by having everything in one place. In short, you save time. With more time on your hands, you can focus on doing more of what makes you happy instead of the stress of dealing with multiple insurance companies. Consider contacting a broker to get free, no-obligation bundled home and auto insurance quotes to see if you can benefit from combined savings.

How Much Can You Save With an Ontario Home and Car Insurance Bundle?

The annual savings of bundled home and auto insurance will vary from insurer to insurer. A few factors go into consideration while determining costs, such as policy limits, types of coverages, add-ons and your claims history.

Save on bundled home and auto insurance by speaking with an insurance broker. They will provide you with bundled home and auto insurance quotes to help you find the best coverage possible tailored to your needs.

Do You Only Have To Pay One Deductible for Bundled Home And Auto Insurance?

If you have a claim open for your home and a separate claim opened for your car simultaneously, but you have a bundled home and auto insurance policy, you may only have to pay a single deductible when claiming for both your home and auto. However, that's only true with some bundled home and auto insurance policies. Whether you have one or multiple deductibles depends on the insurance company you're with and how your specific insurance package was written. Speak to your insurance broker at Morison Insurance to learn more about how your particular bundle is structured so you know exactly what to expect when filing home and car insurance claims.

Does It Ever Make Sense Not To Bundle Home And Auto Insurance?

Suppose two companies currently insure you for your home and auto coverage but receive a fair price and excellent coverage. In that case, you might need more than bundled insurance. For instance, if you want to switch your car over to the same insurance company as your home but, in doing so, would be losing certain extra coverages you're currently benefiting from, consider keeping your home and auto policies separate.

Our Morison Insurance broker will get you a home and auto insurance bundle quote and will help you weigh your options and determine whether insurance bundling will improve your coverage or if it's a better choice to stay with the level of coverage you're currently receiving.

What Other Factors Impact My Car Insurance?

If you've chatted with one of our helpful brokers and realized bundling home and auto insurance doesn't make sense, there are still plenty of other ways we can help you maximize your car insurance. For example, some people may benefit from pay-as-you-go auto insurance based on kilometres driven. Our team aims to provide you with the best insurance coverage possible. Talk to us today to learn more about your options.

Be Sure To Let Us Know If You:

• Own multiple vehicles. Insuring multiple vehicles under the same policy helps streamline your insurance, saving time and reducing stress. You may also qualify for an auto insurance discount.
• Have a clean driving record. It would be best if you always were a safe driver. But the more careful you are, the more you avoid incidents that put you and others at risk and negatively impact your insurance premiums.
• Use public transit. Taking the bus is a great way to do well for the environment, and the number of kilometres you drive daily also influences your insurance premium.
• Drive an eco-friendly vehicle such as an electric car. This could qualify you for a green vehicle discount.
• Have an anti-theft device. Do you have a car alarm or LoJack device? Let us know! Your anti-theft device will not only keep your vehicle safe but could also be a chance to improve your coverage.

What Other Factors Impact My Home Insurance?

Likewise, there are various ways our team can help ensure you have the best insurance coverage possible for your home. Speaking with your dedicated Morison Insurance broker today is worthwhile to learn how else we can help find you the right coverage. There are also many home insurance discounts available that you may qualify for.

Two Ways To Improve Your Coverage Are:

• Improving home security. There are numerous benefits to installing a home alarm system. Not to mention, you'll also have more peace of mind knowing that your property is protected.
• Making your home more disaster-resistant. Ask your broker what you can do to make your home safer in the event of an emergency, such as a storm or flood.

When Should I Compare Ontario Bundled Home and Auto Insurance Quotes?

You can compare bundled insurance quotes at any time. However, analyzing quotes each year when your policy renews is important. At this time, consider the different options available when changing your coverage on your current policies. When they work with our broker experts at Morison Insurance to find the best-bundled home and auto insurance quotes, Ontario policyholders can rest assured they are getting comprehensive coverage at the right price.

We have over 20 insurance partners, and our team is highly skilled at getting these companies to compete for your business. This leads to a competitive insurance price and ensures you get the best coverage for your needs. Our brokers take pride in going above and beyond to help each of our clients throughout Ontario. We take the time to understand your unique requirements, answer any questions you may have, review your current policies to compare coverages and be there for you whenever you call. We make getting Ontario home and car insurance bundles easy.

Where Can I Get A Bundled Home And Auto Insurance Quote?

You can buy Ontario bundled home and auto insurance from Morison Insurance. We will ensure you receive a bundled policy that offers the best insurance protection at competitive prices. Get your personalized bundled home and auto insurance quote by contacting us at 1-800-463-8074 or filling out the contact form on our website. Morison Insurance has you covered!

This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.