Health Insurance - When To Reject A Multi-Policy Discount
You'll reduce your total insurance spend if you buy your health insurance policy from the same company that provides you auto and home insurance. This is called a multi-policy discount. However, the total amount you may save may still pale into significance if compared with savings you'll make by buying your policies from different insurers. Let me shed more light on this...
Let's assume that a certain profile has the following rates from three different insurers...
Insurer A...
Auto insurance: $2,487
Home insurance: $1,400
Health insurance: $2,320
Insurer B...
Auto insurance: $1,472
Home insurance: $2,120
Health insurance: $2,724
Insurer C...
Auto insurance: $3,500
Home insurance: $2,080
Health insurance: $1,640
Now, Insurer C offers him the lowest quote in health insurance but does not offer him the best rates for auto or home insurance. Therefore, even if Insurer C gives him a 10% multi-policy discount his total insurance spend will be...
$1,472 + $2,120 + $2,724 = $7,220
$7,220 - (10% of $7,220) = $6,498
However, if he buys from insurers who offer him the lowest rates his total insurance spend would be...
$1,400 + $1,472 + $1,640 = $4,512
You can see that although buying health, auto and home insurance from the same insurance provider may result in multi-policy discounts, he'd be better off buying each policy from different insurers. In that case he'll save $1,986!
So do you know which would be best in your case? The answer is simple. Get a good number of quotes from a wide range of insurers for your different insurance policies. Calculate what you'll get as multi-policy discounts and compare it with what you'll pay if you buy from different insurers.
Get and compare quotes from up to five quotes sites if you're just shopping for health insurance and not trying to decide on a multi-policy discount. You'll get lower rates if you get and compare quotes from up to five or more insurance quotes sites.
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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