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What is a Multi-Policy Discount, and How Can I Get One?

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Sarah Pritzker
Sarah Pritzker
Jan. 05, 20223 min read
A multi-policy or multi-line insurance discount is a way of bundling together your various insurance policies. In recent years, multi-line policies have become more popular. Surveys find that customer satisfaction levels are significantly higher among customers who bundle insurance policies such as auto and home insurance. Is bundling right for you? Check out our review - we’ve got you covered!

Top Insurers who offer multi-policy discounts:

Lemonade Car Insurance

Lemonade is known for beating average insurance prices, and its new car insurance policies are no different. Premiums start as low as $30 per month, and there are discounts available for good drivers and electric vehicle owners. When something goes wrong, Lemonade makes it simple to fix the situation.

Lemonade Car Insurance Lemonade Car Insurance Visit Site

SelectQuote

With SelectQuote’s aggregator tool, you can shop for eligible car insurance offers from multiple providers at the same time. Although it does not allow you to select which type of coverage you would like, you can customize your coverage directly with a lender once you receive your qualifying offers.

SelectQuote SelectQuote Visit Site

Branch

Branch offers rapid underwriting and quoting, using just a few pieces of your information. They can give you a firm quote for home and auto bundled insurance within seconds, and their streamlined process makes it possible for them to offer you rates, fast.

Branch Branch Visit Site

What are the advantages of a multi-line policy?

Bundling simplifies your life 

Getting a multi policy discount is not only the cheaper option, it’s often easier, too. A multi line policy is a more streamlined way of handling your insurance needs. By dealing with just one insurer, managing your account becomes simpler. You’ll have fewer payments to keep track of, making for a cleaner, more consolidated experience. Some insurers allow you to manage your insurance needs using a convenient mobile app. Lemonade is an entirely online, app-based insurance provider offering life insurance, homeowners or renters insurance, and pet insurance. Lemonade’s offerings can be grouped together for a multi policy discount. In the near future, Lemonade will add auto insurance coverage to its offerings. With Lemonade, your multi-line policy can be managed with the click of a button.

Lemonade Car Insurance Lemonade Car Insurance Apply now

Bundling saves money 

Personal insurance policies such as home, life, and auto insurance can be bundled together under a single insurance contract. Most insurers offer a substantial automatic discount on each type of insurance that you purchase together in a bundle. SelectQuote allows you to combine your personal insurance policies and save a significant amount of money. Their dedicated licensed agents will work with you to build you a customized policy, so you’re covered for exactly what you need, saving you money and protecting your family and assets. To find out how you can get a customized insurance bundle and save money, look into SelectQuote. SelectQuote is like a personal shopper for auto and home insurance bundles. They’ll do the shopping for you to get you the most competitive rates from top-rated insurance carriers. Customers who used SelectQuote to purchase an auto and home insurance bundle saved an average of $757 annually!

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What are some common multi policy combinations?

Auto and home insurance bundles 

Most states require you to have car insurance, and home insurance is also a must among many lenders or homeowners’ associations. Bundling together auto and homeowners’ insurance can be a great way to save money on the two primary insurance types most people need. 

Purchasing your home and auto insurance from the same carrier can strengthen your relationship with your policy provider. It can also help you get a riskier home insured. Bundling your policies can make your insurer less likely to drop you if you present a risk since they don’t want to lose your business altogether. 

Combining your auto and home insurance into a multi line policy consolidates your monthly insurance payments into one. When you use an insurance company like Lemonade, should you need to make a home or auto claim, you’ll only be dealing with one single deductible and a streamlined claims process. 

Lemonade Car Insurance Lemonade Car Insurance Visit Lemonade

Multi-vehicle auto insurance bundles 

If you’re looking to insure more than one vehicle, it can make sense to get multi-line coverage. Branch Insurance can save customers several hundred dollars on their auto-insurance. Customers can take advantage of Branch’s bundling options for Umbrella, Auto, Renters and Home insurance policies to enjoy multi-policy discounts and other savings. 

While you want to be sure all of your family’s cars are insured, you may not want them all insured in the exact same way. Talk to your insurance provider to learn your options for multi policy auto insurance. A broker can help set up your multi-vehicle insurance policy to decide which options are worth paying for and which extras are unnecessary or irrelevant to some of your vehicles. Some coverages are shared among cars on the policy, such as liability insurance in case of bodily injury or property damage. Some coverages within the policy can be set for each car, such as comprehensive and collision coverage, emergency road service, and rental reimbursement. 

Branch Branch Visit Branch

Home and pet insurance bundles

Got pets? So many of us are pet owners nowadays, and our insurance needs reflect that. You can bundle pet owner’s insurance together with home insurance and enjoy additional savings that you can then use to pamper your furry companion. 

Lemonade’s user-friendly insurance lets you “tail-or” their policy options to your pet’s needs. You can opt for a standard policy that covers medications, procedures, and diagnostics or spring for additional coverage for things like vet fees, physical therapy, and preventative care. 

You can get a 10% discount for bundling your home and pet insurance together if you also have homeowners or renters insurance through Lemonade. If you insure multiple pets, you’ll get an additional 5% discount, and you can get an extra 5% off if you pay annually. A home and pet multi policy can be a great way to cut costs and get comprehensive coverage at the same time. Use Lemonade’s online rate quoting tool to input your information and find out how much you can save in just minutes. 

Are multi policy discounts worth it?

Curious to know if the savings are substantial enough to make insurance bundles worth it? They often are. We recently obtained a price quote from Farmers insurance to put the savings potential to the test. We’re pleased to share that bundling together auto and home insurance would have yielded an easy savings of a few hundred dollars over the year. As a bonus, the Farmers agents we spoke to were very polite and helpful. Remember, the quote we got is based on our situation. Prices may change at any time and are based on each applicant’s unique factors. In some cases, it can be better to maintain separate policies for your various insurances. 

If you come across separate policies that amount to less than you’d be paying to bundle them, a multi line policy may not make much sense. Your insurance costs could fluctuate from year to year, so avoid getting complacent and continue shopping around for periodic price quotes to be sure you’re not getting a poor deal just for convenience’s sake. Finally, don’t forget to verify whether you’re truly being insured by the multi policy provider or whether they are using a third party provider. If they are using a third party, you may enjoy savings, but you won’t enjoy the convenience of dealing with only one insurance provider. 

The bottom line

Getting a multi policy for your insurance coverage needs can save you money and hassle. As with all insurance policies, take the time to consider what type of coverage you need. Don’t forget to shop around for insurance quotes so you can find out how much bundling can (or can’t) save you. And even when your coverage is all sorted, remain proactive. If you find out that you can get a better deal elsewhere, talk about it with your multi line policy provider first. Hopefully, you’re a good customer who they don’t want to lose, and they’ll want to negotiate. When it comes to multi policy insurance, you may save a bundle!

Compare all multi policy discounts for auto insurance

Sarah Pritzker
Written bySarah Pritzker

Sarah Pritzker is a content writer with years of experience and a keen interest in the vast world of online consumer products. She writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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