Insurance affordability is a difficult journey for many New Yorkers. Here’s how combining plans under one roof could lighten the load.
Key takeaways:
- Bundle insurance can reduce premium costs by grouping multiple policy types together.
- Eligibility and discount ranges aren’t universal and will vary based on provider and personal situations.
- Bundling can be a good idea when you’re comfortable with your provider, but less so if you’re unhappy or require special coverage.
Insurance rates for New York homeowners and drivers are typically some of the highest in the country. Those looking for ways to lower their monthly expenses might be surprised to hear that, with a little strategy, consolidating those policies could actually provide some savings.
It’s called “bundling” your auto and home insurance. You may have heard the term about a million times in today’s insurance ads, and it can be an effective way for some New Yorkers to optimize their premium rates.
However, it’s not always the most cost-effective decision; everyone’s insurance circumstances are unique, and so is their provider’s small print.
Let’s take a closer look at how bundling insurance in New York works, why our state in particular could benefit more than some others, and when this method should be rolled out or refused.
What Are Multi-Policy Insurance Discounts in New York and How Do They Work?
Like strong security measures and safe driving, loyalty is something that’s often rewarded by insurance companies in the form of discounts.
New York bundle insurance discounts typically activate when customers purchase both their home insurance and their auto insurance from the same provider.
These discounts aren’t limited to just those two plans, however, since not everyone is a homeowner. For example, some insurers like Allstate offer renters insurance (a must for many New Yorkers) and auto combos, or renters bundled with motorcycle coverage.
Why Bundling Insurance Matters for New Yorkers
Every dollar saved matters, especially today and particularly in the face of New York’s often severe premium rates.
There’s also the growing impact of climate change. Increased chances of fires, floods, and hurricane-force winds are putting homes and vehicles across the state at greater risk, especially along the coast.
The bright side is that this makes New York one of the best places to start bundling. And just like with all kinds of insurance, there are two golden rules: the sooner you start, the better, and always compare providers.
New York Insurers & Typical Bundling Benefits
Among the big-name insurers, Allstate offers some of the highest bundling benefits in the industry at up to 25% off.
We can translate that into a figure by taking the average cost of home insurance and auto insurance in New York, and turning that into a potential deduction:
- Average New York home insurance premium: $969 annually.
- Average New York auto insurance premium: $1,729 annually (for minimum coverage).
- Potential average amount saved by bundling with Allstate: $674.50 annually.
Elsewhere, other insurers like State Farm and Travelers offer multi-policy insurance discounts of up to 19% and 12%, respectively. In every case, the more you pay for both policies every year, the bigger your potential bundle savings might be.
There are other benefits beyond the purely financial. Bundle insurance in New York is a convenient way to manage multiple accounts since it 1) fixes both policies in one place online, 2) they’re both grouped under a single bill, and 3) it’s much easier to submit a claim should both your home and vehicle be damaged by the same event, like storm damage.
You may even get to enjoy further perks such as accident forgiveness (via Allstate) or discounts for staying continually insured for both policies with the same company (Travelers).
When Bundling Does (and Doesn’t) Make Sense
While bundle insurance in New York is a good idea at any time, some strategic buying can be key to well-timed multi-policy insurance discounts.
For example, if you already own a home and are ready to buy a new car, that’s the perfect moment to speak to your insurer about combining coverage.
Bundling is also a good idea if you want simplified, more efficient policy management under a single umbrella, and if you live in an area with a higher risk of crime and/or natural disasters (either of which could put your vehicle and home at greater risk).
Bundling can also give you more peace of mind if you already have a policy from a provider you’re comfortable with. Opening a second plan with them can be a less stressful experience than finding a new insurer.
Conversely, if you’re not having a good experience financially or professionally with your current provider, bundling wouldn’t make sense, as it would lock you in further. That’s when it’s time to shop around, another indicator of which is if your insurance rep doesn’t proactively apply multi-policy discounts.
Lastly, bundle insurance in New York may not be a strong solution if you have special insurance needs like covering expensive or highly prized items. Bundling can be too broad a coverage in such cases and would likely provide insufficient protection.
More Tips for Maximizing Savings While Bundling
Not all multi-policy insurance discounts are created equal. Savings can be significant or minimal depending on your provider and personal situation.
Here are some ways to make the most of bundle insurance in New York:
- Compare bundled vs. unbundled to be sure of the better deal.
- Compare a few different companies to see which one offers the best bundles. Don’t assume the one you’re currently comfortable with is ultimately best.
- Consider boosting your savings chances by bundling more than two plans with the same provider (like adding life insurance to your home and auto bundle).
- Have your provider confirm that all eligible discounts have been applied.
- Review your coverage at every renewal.
These strategies take a little time, but they’ll help keep your coverage optimized and ensure you’re saving all you can. It’s better to make more of a preventative effort up front than it is to scramble when it’s too late.
How NICRIS Insurance Helps You Bundle Wisely
We offer expert guidance to help you find all available multi-policy insurance discounts through tailored bundling assessments based on your driving profile and home situation.
We also provide easy annual policy reviews and a free risk assessment to help you decide if your current policies (bundled or not) offer enough protection against New York’s evolving risk landscape.
Is it time to get your insurance together? Book your free, one-hour insurance review or reach us via our contact form to see if bundle insurance in New York is the right package for you!