Ontario Home and Car Insurance Bundle
There is no doubt that some things are just meant to be together. In fact, 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 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?
A 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 insurance policy that covers both your home and your vehicle together, your insurance company can give you a multi-policy discount. This discount is referred to as “bundling.” Home and auto are a common set of insurance policies to combine, but you can receive bundle discounts on a wide range of insurance products as well. Usually, the more you bundle, the better coverage you'll receive from that company.
Why Should I Choose a Home and Car Insurance Bundle?
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, 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 greatest assets with a comprehensive insurance policy? Let an insurance broker provide you with 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 wouldn't it be nice to save on your insurance costs? Take advantage of savings from a multi-product discount when you bundle insurance policies. Perhaps 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 an advantage as well. If you need to make updates to your policy like changing your address or adding a new driver, dealing with one insurance provider will save you time and will help make your life a little more stress-free.
Single Deductible
Another advantage of bundling home and auto insurance is that you will only pay a single deductible if you ever make a claim involving your home and vehicle at the same time. For example, if a major storm sweeps through Ontario or your home is flooded, damaging both your property and vehicle, you may only have to meet one deductible before it pays out. Contrarily, if you are with two different insurance companies, you'll have to pay two different deductibles. This can be incredibly stressful, especially while trying to return to normal life after a devastating incident.
Improve Coverage
Lastly, one of the greatest benefits of bundled home and auto insurance is the option to add extra liability coverage. The fact is, sometimes standard coverage limits simply aren't enough to cover all the expenses that can arise from a liability claim, and that could leave you without the full compensation necessary to avoid paying out of pocket for any amounts that exceed your coverage limits. When you have an Ontario home and car insurance bundle, it makes a lot of sense to consider adding excess liability coverage or umbrella insurance.
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 properly 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?
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 coverages to ensure that your home and vehicle are properly protected. Our brokers will ensure you have the best coverage when you combine car and home insurance.
Equipment Breakdown
In the past, equipment breakdown coverage only applied to commercial insurance policies. But it's now becoming an increasingly popular option for personal insurance, and it's a great option to consider adding to your Ontario home and car insurance bundle. Equipment breakdown coverage applies specifically to components of your home that are not exactly part of the building, but also aren't exactly contents 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 breakdown 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
In terms of your auto insurance, this type of protection will provide you with the coverage you need to obtain a rental car in the event your car is being repaired after an accident. Having 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 will still have the convenience of getting from point A to point B, unaffected, 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, to add loss-of-use protection, you would pay about the price of what it costs to rent a car for one day. In our experience (and we're sure yours too), repairs can be much lengthier 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 would 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 are forcing the insurance industry to adjust policies to address these new risks. This is especially true in terms of 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 associated with 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 not only you but also others living in your home, making it a smart addition to your Ontario home and car insurance bundle.
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 may be able to also bundle recreational vehicles such as an ATV, RV, snowmobile, travel trailer or even your boat insurance. If you're a renter, you should also talk to one of our friendly brokers to see if you could bundle your tenant's insurance with your automobile insurance. And, if you have seasonal properties or a second home, they 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 will be happy to provide you with 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 also make your policy more simple 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 reaching out to 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. There are a few factors that 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 Have To Pay One Deductible When You Combine 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 don't have to worry about paying separate deductibles when claiming for both your home and auto. This saves you the stress of having to pay two deductibles in the event of filing two claims.
Does It Ever Make Sense Not To Bundle Home And Auto Insurance?
If you're currently insured by two separate companies for your home and auto coverage but receive a fair price and excellent coverage, it's possible that bundled insurance isn't beneficial for you. 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, you might want to 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 for you, 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 that is based on kilometres driven. Our team's goal is 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 you time and reducing stress. You may also qualify for an auto insurance discount.
- Have a clean driving record. You should always be 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 amount of kilometres you drive every day 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 a variety of ways our team can help ensure you have the best insurance coverage possible for your home. It's worthwhile to speak with your dedicated Morison Insurance broker today 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 Home and Car Insurance Bundle Quotes?
You can compare bundled insurance quotes at any time. However, it's important to analyze quotes each year when your policy renews. At this time, you should also consider the different options available to you when making changes in 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 more than 20 insurance partners, and our team is highly skilled at getting these companies to compete for your business. This not only leads to a competitive insurance price but also ensures you're getting 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 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 by filling out the contact form on our website. Morison Insurance has you covered!
