Hack Your Insurance Coverage By Consolidating Providers

Written By Mary Beth Eastman
Last updated January 28, 2021

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March 26, 2018

Simple. Thrifty. Living.

Between your life insurance, homeowners insurance, car insurance and other types of insurance policies that you carry, you probably have to deal with several providers. Consolidating your policies under one insurance provider could lead to several benefits. When you consolidate, look for these four benefits.

Most insurance providers will give you discounts when you purchase multiple policies from them. For instance, a company may give you a 10 percent discount on your car insurance policy when you add homeowners or life insurance to your account.

Discounts can vary considerably from company to company, so make sure you get quotes from several insurance providers before you decide which one to use.

Making payments to several insurance companies can get complicated. One company may want you to pay your premiums twice a year while others expect monthly payments. It doesn’t take long before the situation can get confusing.

Bundling all of your policies with one company streamlines the payment process. Instead of sending money to several companies throughout the year, you follow one payment schedule for one company.

Consolidating insurance providers can give you small benefits that add up to noteworthy amounts of time and money.

When you only need to pay one company, you save time writing checks and logging in to online accounts. You save even more time when you forget a password. Instead of requesting a new password for multiple accounts, you just have to request one.

If you use checks to pay your bills, consolidating your providers will save you money on envelopes, stamps and bank checks.

About 18 million people in the United States experience identity theft per year. While you can’t stop criminals from stealing your personal information, you can lower your risk of becoming a target.

When you consolidate your insurance policies under one company, you minimize the amount of electronic information that thieves may steal. The fewer accounts you have, the less likely it is that a hacker will find your information. By getting your number of accounts down to just one, you gain a considerable amount of protection from identity theft.

Consolidating your insurance providers may not be something that you’ve thought about before. Since it offers several benefits, though, you should consider whether an insurance consolidation makes sense for you.

About the Author

Mary Beth Eastman

Mary Beth Eastman serves as the content manager for Simple. Thrifty. Living, where she is dedicated to helping readers use money and credit wisely. Mary Beth believes that access to the right financial information paired with a growth mindset are essential tools for getting out of debt and building wealth. Mary Beth has a degree in Journalism from Bowling Green State University and has focused her 20-year journalism career on putting readers front and center, carefully considering their concerns and presenting information that will help them in their everyday lives. She has won numerous statewide journalism awards. Her writing on personal finance as been featured on numerous websites in addition to Simple. Thrifty. Living, including Huffington Post and Lexington Law blog. Mary Beth resides in Pittsburgh, Pa., with her family and two rescue dogs.

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