What you should know about combining insurance

Moving in together can be quite the adventure, and we want to help make sure that you’re both protected. Did you know combining your home, car or life insurance policies could make that journey easier?

Here are some helpful things to consider around the convenience of combining.

What does combining insurance mean?

Combining insurance occurs when two people with two separate policies combine their accounts. Combining insurance policies can unlock savings for each policy holder and may be cheaper than maintaining two separate policies.

The benefits of combining coverage

Combining coverage can save you money. You may already save money by bundling your home and auto insurance. Combining coverage works the same way. Combining two separate insurance policies into a single plan often entitles customers to a discount on their rates.

How much you could save depends on both your claims history and type of policy you both decide to select based on your updated needs. If you’re considering combining, get a quote for a combined rate and compare it to what you’re both paying now for two separate policies. You may be surprised by how much you could save.

Combining coverage can also be more convenient. Combining coverage means you’ll only have one bill to pay and one insurance provider to deal with between the two of you. That’s half the work!

Why You May Not Want to Combine Coverage

While combining coverage can save you money, money isn’t everything. There are a few other things to consider.

For example, if the person you’re considering combining policies with presents a higher insurance risk, that could end up affecting your rates. The rate you pay for insurance could also go up if the person you combine with makes an insurance claim. These are all things you need to consider before deciding to combine your insurance with another person, regardless of what your relationship is.

Be sure to weigh your potential savings against the risks that could come with combining coverage. Before agreeing to combine coverage with someone, learn about their insurance history and what kind of rate they currently pay. While it’s always nice to save money, combining coverage isn’t risk free. That said, when combined with the right person, there may be potential savings for both of you.

Explore some other ways to save

Looking to add another product to your insurance? We make it easy, and you get to enjoy the benefits of bundling. Find out how you can save by getting a quote online in minutes.

There are other savvy ways that can help you save money on insurance that go beyond bundling. From tips for saving on car insurance to discounts you might have overlooked to practical life insurance advice, we have you covered.

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2The 10% premium savings is available to eligible applicants who apply for a new TD 10-Year or 20-Year Term Life Insurance policy. This offer cannot be combined with any other offer and is subject to change or may be withdrawn at any time. TD Term Life Insurance is not available to residents of Quebec.