Benefits of Bundling Cabin, Boat and Motorcycle Insurance
Everyone wants to relax and have fun in their vacations. You can go to a resort, visit a cabin, or make a memorable journey on your boat, which will provide a refreshing change in your daily routine. But maintenance of recreational properties is a challenge. When your cabin stays unattended for a long time, it may need thorough cleaning and repairs before you enjoy a pleasant stay. Similarly, taking regular care of your boat and motorcycle hardware is not an easy task. Thefts and accidents may also have unexpected surprises. Tailor Made Insurance services offers the bundling of cabin, motorcycle and boat insurances, covering the unique risks of a recreational outing.
What Is an Insurance Bundle?
Also known as multi-line discount, it involves combining two or more insurance products, coverages and policies under the same company. For example, you can combine car, motorcycle and home insurance from a single carrier. Most importantly, insurers offer huge discounts and allow you to design your specific coverages on bundled policies.
Why Insurance Bundling Will Benefit You?
Generally, when people start looking for insurance for the first time, they may contact their parent’s policy agent. Later on, they may contact an insurer for home insurance closer to their new residence. Such coverages from multiple insurers cost heavily and take a lot of time. But in multi-policy combinations, both the company and the clients enjoy several perks.
It is six times more expensive to get a new a customer for the insurers, than to retain an existing one. It is more profitable to group multiple policies for one client, which also helps in mitigating turnover and generating revenues.
Likewise, each time a policy is created, the client needs to go through an underwriting process. Various details like income, occupation, place of residence and credit history have to meet the expected standards before the loan amount is approved. These terms and conditions vary from company to company which may be confusing while making a decision.
Bundling the policies for your seasonal or recreational properties like your cabin, motorcycle and boat with the same company, you can save both money and time. Typical policies come with the following coverage:
· Property and contents – Lost, stolen, damaged or destroyed items because of pre-specified reasons are covered in this case.
· Liability – If you are responsible for damage to someone else’s property, you are covered. For example, if a fuel spill from your boat damages someone else’s boat; you will be covered under the liability clause of your boat insurance.
Perks to Bundling
The more insurance you need, the more you can save by keeping all policies together. You will enjoy peace of mind and will always be prepared to recover from losses. The advantages to this are detailed below:
· Convenience – You will get only one bill per month with a consolidated policy package, instead of several bills due on several days. Also, no need to remember multiple accounts and log-in IDs while claiming your policy. As a valued customer for your insurer, you will most likely not be dropped after your claim.
· Saves Money – Since you don’t buy the policies separately, you save 7 to 15 per cent more on the value of the grouped packages. You can also save money on your deductible. For instance, if your home and vehicle are swept away in a hurricane, you have to pay only the highest deductible before your costs are covered. In addition, your insurance agent can help you design the policy coverage in accordance to your needs.
· Discounts – Discounts apply broadly to the package; it is not limited to only one policy. Companies are ready to provide discounts falling between 5 per cent and 30 per cent on policy premiums.