Savings for insurance bundling jumps in isles
Hawaii consumers save an average of $192 when bundling home and auto insurance policies, a figure that rose 66 percent from the $116 average last year.
The increase is the largest year-over-year percentage jump in the country, according to personal finance site InsuranceQuotes.com.
The national average savings is $295, led by states with the largest average annual savings: Louisiana ($548), Oklahoma ($489), Texas ($429), Mississippi ($405) and Kansas ($403), according to the analysts.
Consumers generally will benefit by bundling coverage with the same insurer, “but I always tell people to get quotes together and separately,” said Laura Adams, senior analyst at InsuranceQuotes.com, in a statement. “Every situation is unique and some people are able to save money by splitting their policies between different insurers.”
The type of home coverage being purchased also can make a difference, the study found. Consumers save an average of 11 percent for bundling auto and condo insurance, while those who bundle auto and renter’s insurance receive an average savings of 8 percent.
