Affordable Health Insurance And The Wisdom In Loyalty Discounts
Affordable health insurance: If you want discounts, buy your health insurance policy from the same insurer you bought your other policies from. Every insurance company normally offers a discount if you buy more than one policy from them.
That said, it may not serve your best interest to do this as you might be better off if you buy each of your policies from different insurers. I'll take some time out to explain this...
We'll make believe that a certain profile got the following rates from different insurers when he shopped for different insurance policies...
Insurer A...
Health insurance: $2,320
Auto insurance: $2,487
Home insurance: $1,400
Insurer B...
Health insurance: $2,724
Auto insurance: $1,472
Home insurance: $2,120
Insurer C...
Health insurance: $1,640
Auto insurance: $3,500
Home insurance: $2,080
As is now obvious, the insurer who offered the best quote for auto insurance did not have the best for any other insurance policy. So here's what he'll get with a 10% discount if he goes ahead to still buy all his policies from Insurer B...
$1,472 + $2,120 + $2,724 = $6,316
$6316 - (10% of $6316) = $5,684.40
On the other hand, he'll spend the following on insurance as a whole if he goes for the insurer who offers him the best for each policy...
$1,400 + $1,472 + $1,640 = $4,512
So even though he'll get a multi-policy discount if he buys all his policies from one insurer, he'll not save as much as he did by buying from different insurers. $1,172.40 is certainly not an amount you should throw away and that's what he could have lost if he opted for a multi-policy discount instead.
You might be wondering how to find out whether it's better for you to pass off a multi-policy discount or go for it. So here's how to find out...
Make out some time to get and compare quotes for each of your different insurance policies from at least three insurance quotes sites. Pick the lowest rates offered for each your insurance policies and then simply compare their total with the total you'll pay after a multi-policy discount and you'd know which is better in your case.
Here are my favorite pages for health insurance quotes...
InsureMe Health Insurance Quotes
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Chimezirim Odimba writes on insurance.
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