The news that Nationwide Insurance has been named the New York Farm Bureau’s official provider of vehicle and other coverage—and is offering discounted policy rates to members of the organization—highlights the fact that there are good policy deals out there for those who are willing to look around, according to Online Auto Insurance (OAI).
Industry experts say more insurers these days are offering lower premiums for those customers who purchase multiple policies to cover cars, homes, farms and any other personal property that is worthwhile insuring. The trend should be welcome news to consumers who are checking a free auto insurance quote or two online in search of good deals and wondering whether they could save a few bucks and get greater financial protection by insuring other items through the same company.
Under the partnership between Nationwide and the Farm Bureau—a volunteer organization that is staffed by families who work in the agricultural industry—members are eligible for price breaks of up to 7 percent on the cost of policies that cover their farms and as much as 5 percent of their auto policies.
Those savings could come in handy in the Empire State, which industry experts say has seen premiums skyrocket as a result of unscrupulous claimants, medical providers and attorneys taking advantage of loopholes in New York’s no-fault vehicle coverage system.
State law mandates that all motorists carry at least enough liability coverage to pay for up to $25,000 for bodily injury to one person, up to $50,000 per accident and up to $10,000 for property damage.
Source: http://www.dmv.ny.gov/insurance.htm
But according to the Insurance Information Institute (III), most coverage providers will slash rates for customers who are willing to buy multiple policies instead of insuring only their vehicle.
And experts at III and other organizations say that insurers are increasingly re-evaluating their geographical risks and deciding not to renew the homeowner policies of customers who do not also purchase vehicle coverage from them.
OAI advises consumers in New York and other states to talk to their agents or other insurer representatives about the sort of discounts for which they may be eligible if they bundle several policies together.
To learn more about this and other coverage issues, readers can go to http://www.onlineautoinsurance.com/quotes/free/ where they will find informative resource pages and a rate-comparison generator that can help users quickly evaluate their coverage options.
