Time to Reshop Your Home and Auto Insurance

Comparing prices on policies and bundling your coverage may save you money.

person holding an umbrella that blocks a tree from falling on their house
(Image credit: Illustration by Richard Mia)

The talking lizard from Geico and perky Flo from Progressive claim that switching insurance com­panies and bundling policies can save you money. And that’s generally true: Shopping around for a new homeowners or auto insurance policy may save you hundreds of dollars. And if you bundle your policies with one insurer, your savings could increase even more. Bundlers are likely to save 17% on insurance premiums, on average, or $730 a year, according to Ashlee Tilford, managing editor at Insurance.com, an insurance shopping and comparison website. In some cases, bundling could cut your premiums by up to 35%.

However, inertia prevents many consumers from taking advantage of these potential discounts. Roughly one-third of individuals with home or auto insurance haven’t reshopped their policy for better coverage and lower premiums, according to insurance comparison website Policygenius. And while loyalty may get you some brownie points with your insurer, those points may not be worth much money.

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Rivan V. Stinson
Ex-staff writer, Kiplinger's Personal Finance

Rivan joined Kiplinger on Leap Day 2016 as a reporter for Kiplinger's Personal Finance magazine. A Michigan native, she graduated from the University of Michigan in 2014 and from there freelanced as a local copy editor and proofreader, and served as a research assistant to a local Detroit journalist. Her work has been featured in the Ann Arbor Observer and Sage Business Researcher. She is currently assistant editor, personal finance at The Washington Post.