Florida Cheap Life Insurance -- When Not To Take A Multi-Policy Discount
Florida Cheap Life Insurance: If you want a discount, get your life insurance policy from the same insurer you bought your other policies from. This is called a multi-policy discount.Nevertheless, it may not benefit you more to do this as you might be better off if you buy each of your policies from different insurance companies. I will explain this further...
We will assume that a certain profile has the following rates from three different insurers...
Insurer A...
Auto insurance: $2,487
Home insurance: $1,400
Life insurance: $2,320
Insurer B...
Auto insurance: $1,472
Home insurance: $2,120
Life insurance: $2,724
Insurer C...
Auto insurance: $3,500
Home insurance: $2,080
Life insurance: $1,640
As is now obvious, the insurer who offered the cheapest quote for auto insurance did not have the lowest for any other policy.
Hence, even if this insurer offers him a ten percent multi-policy discount the sum spent on insurance would be...
$1,472 + $2,120 + $2,724 = $6,316
$6316 - (10 percent of $6316) = $5,684.40
However, if he buys from insurance companies who offer him the best quotes for each policy the total he'll spend on insurance would be...
$1,400 + $1,472 + $1,640 = $4,512
Therefore even though he'll get a multi-policy discount if he buys all his policies from one he will not save as much as he did by buying from several insurers.
Saving as much as $1,172.40 is not something that should be over looked.
So do you know how to use this information to your advantage as you shop for Florida cheap life insurance?
The answer is quite easy...
Create some time to get and compare quotes for each of your different insurance policies from not less than five insurance quotes sites. Calculate what will be your multi-policy discount and compare it with what you will spend if you buy from different insurers.
Start getting and comparing quotes. The box below is a good place to start. It's free and will take you just a few minutes...
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