Bundling Car and Home Insurance Saves $295 on Average
Louisiana Residents Save Most, Idahoans Benefit Least
Oct 22, 2015, 09:30 ET
SAN FRANCISCO, Oct. 22, 2015 /PRNewswire/ -- Consumers save an average of $295 (16 percent) per year when they purchase their car and homeowner's insurance from the same company, according to a new insuranceQuotes.com report.
The states with the highest average annual savings are Louisiana ($548), Oklahoma ($489), Texas ($429), Mississippi ($405) and Kansas ($403).
Hawaii improved the most from last year (66 percent, from an average savings of $116 to $192), followed closely by Florida (65 percent). Residents of 36 states currently save more by bundling than they did last year.
Idaho ($172), Vermont ($174), Utah ($183), West Virginia ($184) and Virginia ($189) have the lowest average annual savings. In West Virginia, the average bundling discount dropped 26 percent from last year, more than any other state.
Click here to view the results for all 50 states and Washington, D.C.:
"In most cases, you're going to save money by bundling your policies together, but I always tell people to get quotes together and separately," said Laura Adams, senior analyst, insuranceQuotes.com. "Every situation is unique and some people are able to save money by splitting their policies between different insurers."
The average savings for combining car and condo insurance is 11 percent; consumers who bundle car and renter's insurance receive an average price cut of eight percent.
insuranceQuotes.com commissioned Quadrant Information Services to calculate rates using data from the largest carriers (representing 60-70% of market share) in each U.S. state and the District of Columbia.
insuranceQuotes.com is the complete insurance comparison shopping site for consumers and the premier customer acquisition platform for insurance agents and carriers. Offering best-in-class research and access to the widest network of carriers and agents in the industry, we make the process of finding the right insurance policy simple and personal. Get unbiased information as you shop for coverage options, make smart comparisons on the plans that best suit your needs, and get connected with providers through one go-to site.
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