Author Topic: Bundling Insurance Providers when moving to a new state?  (Read 594 times)

Swat

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Bundling Insurance Providers when moving to a new state?
« on: March 18, 2018, 05:40:41 PM »
I am a current resident about to graduate and will be moving from Michigan to Pennsylvania (near Philadelphia). We will initially be renting, but one of the major items on my ďto-do listĒ is to review my insurance policies and get established in the new area. And for this particular post, Iím not talking about life, disability, or medical insurance (thatís for a different post). Here is what I am referring to:
-Renterís insurance: currently very low with our rental in Michigan
-Auto insurance: Progressive as they were the best rate in Michigan (which happens to be at the top, or near the top for highest cost states). I have access to USAA but they said MI was the only state they wouldnít offer it to me in (or wasnít competitive).
-Umbrella insurance: I currently have none. Current net work is ~$400k.
-Jewelry insurance: pretty low cost right now and only on my wifeís engagement ring. It is currently a rider on our renterís insurance. Debating about getting rid of it and self-insuring on this one.

Questions and my thought process?
-Do most people bundle their insurance plans? That seems like the wise thing to do. However, Iíve heard that USAA is excellent for auto but not so competitive for some of the other options. When does it make sense to go with the ďbestĒ such as USAA for auto and find other insurerís for the other options vs bundle everything with one company but not go with a great company like USAA for auto? Essentially, when does simplicity/cost trump reputation?
-How often do people revisit their policies and try and get better rates? At a doctorís salary, it seems like a pain in the butt to waste several hours calling/emailing/searching for rates on many of these items just to save a few hundred dollars which you could easily make by seeing patients in the same amount of time?

Sibley

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Re: Bundling Insurance Providers when moving to a new state?
« Reply #1 on: March 19, 2018, 12:10:13 PM »
I've done both ways. Entirely dependent on the math. In most cases for me, the multi-policy discounts have resulted in a lower total. However, I've had it work out to do separate. Makes the analysis a pain, but it's part of being an adult.

I review every year or 2, when I have a big change in circumstances, or something else changes.

Kapiira

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Re: Bundling Insurance Providers when moving to a new state?
« Reply #2 on: March 19, 2018, 03:28:10 PM »
I also review about every other year.  I have never had my home and auto insurance with the same company.  Different companies makes shopping for insurance more difficult, but in terms of making payments, it doesn't add any hassle if you use autopay.