Consumers save an average of $295 or 16 percent each year when they buy their car and homeowner’s insurance from the same company.
A report from insuranceQuotes.com on bundling insurance said states with the highest average annual savings are Louisiana, $548; Oklahoma, $489; Texas, $429; Mississippi, $405; and Kansas, $403.
Hawaii improved the most from last year, 66 percent, from an average savings of $116 to $192, followed by Florida, 65 percent, according to the report. Residents of 36 states currently save more by bundling than they did last year.
The states with the lowest average annual savings, according to the report, are Idaho, $172; Vermont, $174; Utah, $183; West Virginia, $184; and Virginia, $189. In West Virginia, the average bundling discount dropped 26 percent from last year, more than any other state.
Click here to view the results for all 50 states and Washington, D.C.
“In most cases, you’re going to save money by bundling your policies together, but I always tell people to get quotes together and separately,” said Laura Adams, senior analyst, insuranceQuotes.com. “Every situation is unique, and some people are able to save money by splitting their policies between different insurers.”
The average savings for combining car and condo insurance is 11 percent; consumers who bundle car and renter’s insurance receive an average price cut of 8 percent.
