Health Insurance - The Truth About Multi-Policy Discounts
Buying your health insurance from the same insurer who provides your other insurance policies will get you a discount in health insurance premium. Every insurer will typically give a discount if you buy more than one policy from them.
On the other hand, the amount you may save may still be much lower if compared with savings you will make by getting your policies from several insurance companies. I will give more details...
We'll make-believe that a certain prospect received the quotes rates from several insurance companies when he shopped for different insurance policies...
Insurer A...
Auto insurance: $1,497
Home insurance: $2,910
Health insurance: $1,920
Insurer B...
Auto insurance: $1,992
Home insurance: $3,210
Health insurance: $2,512
Insurer C...
Auto insurance: $2,110
Home insurance: $2,168
Health insurance: $2,315
You can clearly see that although Insurer B gives this shopper the best quote for auto insurance it didn't have the best quotes for the other insurance policies. Assuming that he buys the three policies from Insurer B and is given a 10% multi-policy discount, his total would be...
$1,992 + $3,210 + $2,512 = $7,714
$7,714 - (10 percent of $7,714) = $6,942.60
However, if he buys from insurance companies who give him the most affordable rates for each policy the total he'll spend on insurance would be...
$1,497 + $2,168 + $1,920 = $5,585
You have seen that even though buying health and home insurance from the auto insurance carrier may entitle him to multi-policy discounts, he'd be better off getting each policy from different insurance companies.
$1,357.60 is definitely not an amount you should throw away and that's what he would have lost if he opted for a multi-policy discount.
So are you sure of which would yield more savings for your profile?
So here is how to find out...
Get quotes for each policy from different trusted quotes sites. Contrast the sum you'll pay by buying from insurers who have the best quote for each policy with what your agent says you will get as multi-policy discount for buying from the same insurance company.
Here are my favorite pages for health insurance quotes...
InsureMe Health Insurance Quotes
Publishers can get unique versions of my articles by following any of the links above. Click on "To Use My Articles" when you get to my site.
Chimezirim Odimba writes on insurance.
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