Farmers Insurance offers a wide range of insurance products that can be bundled together for policy discounts. Bundling insurance with Farmers provides an excellent opportunity to simplify your coverage and maximize savings. This comprehensive guide examines how Farmers bundling works, strategies to optimize bundles, available insurance lines to bundle, and tips to get the most value from Farmers.
What is Farmers Insurance?
Founded in 1928, Farmers Insurance is a major national insurance carrier that provides services and products like:
- Auto insurance
- Homeowners insurance
- Renters insurance
- Condo insurance
- Landlord insurance
- Motorcycle insurance
- Boat insurance
- RV insurance
- Classic car insurance
- Personal umbrella insurance
- Life insurance
- Business insurance
- Financial services
Key facts about Farmers Insurance:
- Provides insurance in 42 states across the U.S.
- Has over 48,000 licensed agents nationwide
- It insures over 10 million households
- Has underwritten over 19 million policies
- Holds an A rating for financial strength from AM Best
- Over 90 years of insurance industry experience
With nearly a century of experience and robust insurance offerings, Farmers Insurance is an excellent option for consumers looking to bundle multiple policies.
How Insurance Bundling with Farmers Works
One major advantage of insuring with Farmers is the ability to bundle various policies together for discounts. Here’s an overview of how Farmers bundling works:
What is Bundling Insurance?
Bundling insurance refers to purchasing more than one type of insurance policy from the same provider. For example, you could bundle:
- Home insurance
- Auto insurance
- Motorcycle insurance
- Renters insurance
- Condo insurance
- Boat insurance
- RV insurance
- Umbrella insurance
- And more
With Farmers, bundling different eligible policies together results in a multi-policy discount applied to your premiums.
Benefits of Bundling with Farmers
There are several key benefits to bundling insurance policies with Farmers:
Multi-policy discounts – The main incentive is reduced pricing when you bundle. Farmers offers an average discount of 20% when you bundle multiple products together.
Convenience – You deal with only one insurer, agent, website, and billing system for all your coverage.
Package deals – Farmers agents can pinpoint optimal bundle packages to maximize your savings.
Improved loyalty rewards – Long-term bundled customers may earn additional discounts and savings over time.
Single deductible – In some cases paying just one deductible for a loss affecting multiple policies is possible.
Maintaining Separate Policies
While bundled together for discounts, the individual insurance lines you group with Farmers will remain as separate policies. For example:
- Each policy will have its own declarations page, insurance card, policy documents, and renewal date.
- You can customize coverages, limits, and deductibles for each line.
- When filing claims, you start the process for each policy individually as needed.
This structure provides flexibility to tailor each part of your bundle.
How Discount Amounts are Determined
While Farmers advertises an average of 20% off for bundling, discounts vary considerably. The specific percentage you save depends on factors like:
- Your location
- Driving and credit history
- Past claims
- Chosen coverage limits and deductibles
- Discounts for security devices and professional memberships
- Percentage of policies bundled
To determine possible savings for your situation, have a Farmers agent provide customized bundled quote comparisons.
Farmers Auto Insurance Bundles
One common insurance line to bundle is Farmers auto insurance. Here are the important details on what Farmers auto policies offer:
Core Auto Insurance Coverages
Farmers auto insurance provides all the standard auto policy coverages:
- Bodily Injury Liability – covers injury claims from other parties you are legally responsible for after an at-fault accident
- Property Damage Liability – pays for property damage to others you are liable for after an accident
- Collision Coverage – pays to repair or replace your vehicle after an accident with another car, object or as a result of rollover
- Comprehensive Coverage – covers damage to your vehicle from non-collision events like fire, vandalism, falling objects, weather events and theft
- Personal Injury Protection (PIP) – pays for medical expenses for you and passengers following an accident, regardless of fault
- Uninsured Motorist – covers losses when you are hit by a driver with no insurance
- Underinsured Motorist – kicks in when an at-fault driver has insufficient coverage to pay for your damages
Bundling this core auto coverage provides complete protection for your vehicle. You can also customize the policies with available add-ons.
READ ALSO: Progressive Insurance Review: Pros, Cons, and Is It Right For You?
Available Add-Ons and Riders for Auto Insurance
Farmers offers many optional endorsements and riders you can add to auto policies:
- Roadside Assistance – pays for towing, lockouts, tire changes, jump starts, and fuel delivery
- Rental Reimbursement – covers rental car fees while your vehicle is repaired after a covered loss
- Rideshare Coverage – provides coverage for rideshare driving
- Mexico Coverage – extends policy to cover accidents and losses that occur in Mexico
- Full Glass Coverage – waives deductible for window repairs
- Accident Forgiveness – prevents premium increase after first at-fault accident
- Gap Insurance – pays difference between car value and remaining loan balance if totaled
- Custom Parts Coverage – pays full value to repair or replace aftermarket parts and equipment
Discuss all available options with your Farmers agent when bundling auto insurance to customize your policy.
Home Insurance Bundles from Farmers
In addition to auto insurance, Farmers offers comprehensive homeowners insurance that can also be bundled for discounts.
Core Home Insurance Coverages
A standard Farmers homeowners insurance policy includes:
- Dwelling Coverage – pays to repair or rebuild your home after covered losses
- Other Structures Coverage – covers unattached structures like garages, fences and sheds
- Personal Property Coverage – replaces belongings like furniture, clothes, and appliances if stolen or damaged
- Loss of Use – pays hotel or housing costs while home is unlivable after a covered loss
- Personal Liability – covers injury claims from third-parties that occur on your property
- Medical Payments to Others – pays medical bills for people injured on your property
Bundling home insurance from Farmers with auto, life, or other policies can lead to excellent multi-policy discounts.
Optional Home Insurance Endorsements
Farmers offers many optional endorsements and add-ons for home insurance policies:
- Identity Theft Expense Coverage – pays to recover your identity after fraud
- Water/Sewer Backup Coverage – covers damage from water/sewage backing up into home
- Home Systems Protection – pays to repair/replace home systems after mechanical failure
- Scheduled Personal Property Coverage – provides greater coverage for expensive personal items
- Guaranteed Replacement Cost – pays full rebuild cost regardless of dwelling limits
Review all available home insurance options with your Farmers agent to customize your bundle.
Bundling Home and Auto Insurance with Farmers
Many consumers choose to bundle home and auto insurance with Farmers to maximize discounts. Here’s an overview of the benefits of combining home and auto:
Earning Multi-Policy Discounts
The main incentive is reduced pricing on both policies. Bundling home and auto insurance provides around 20% average savings for each line.
Actual discount amounts depend on your risk profile. Have a Farmers agent run quotes to show your specific bundled discounts.
Maintaining Separate Policies
While bundled for discounts, home and auto insurance remain separate policies. You can customize each line individually as needed.
Potential for Single Deductible
If one event causes covered damage to both your home and vehicle, you may only need to pay one deductible rather than multiple. This depends on your particular policies and situation.
Streamlined Claims Process
You can start the claims process for each policy separately if needed. Your agent assists you through the process for any policy in your bundled package.
For customers wanting both home and auto insurance, bundling the two policies through Farmers provides simplified management and excellent multi-policy discounts.
Additional Insurance Policies to Bundle with Farmers
Aside from home and auto, many other insurance lines can also be bundled together with Farmers:
Motorcycle Insurance
Farmers motorcycle insurance bundles nicely with auto policies. Make sure to get quotes with bundled discounts factored in.
Renters and Condo Insurance
If you rent or own a condo, adding renters or condo insurance to your auto bundle can increase savings.
RV and Boat Insurance
Protecting your recreational vehicle or boat along with your car and home can lead to premium reductions.
Life Insurance
Farmers offers several types of life insurance, including term, whole, universal, and final expense life insurance. Bundling life coverage with your home and auto policy can lead to premium discounts.
Umbrella Insurance
An umbrella insurance policy provides extra liability coverage beyond your existing policies’ limits. Adding this to an auto/home bundle provides even more savings.
Landlord Insurance
Insuring your rental property along with your home and auto bundles nicely while giving rental property protection.
Business Insurance
If you own a small business, bundling commercial policies like general liability and professional liability with your personal lines can maximize discounts.
Identity Theft Protection
Some Farmers bundles include identity theft protection services. Bundling this with home and auto insurance increases savings.
Pet Insurance
Insure your pets along with your vehicles and property for multi-policy discounts while also covering vet bills.
Scheduled Item Insurance
For expensive jewelry, musical instruments, or collectibles, scheduled personal property policies add an extra layer of protection and discounts.
The more policies you can bundle together with Farmers, the greater your potential savings from multi-policy discounts. Discuss all your insurance needs with an agent to optimize your bundles.
Strategies for Maximizing Savings with Farmers Bundles
Follow these tips and strategies to ensure you maximize savings when bundling insurance through Farmers:
Compare Quotes
Get quotes for bundled policies from both Farmers and competitors to ensure you get the best possible rates.
Ask About All Available Discounts
Meet with a Farmers agent and inquire about every discount opportunity you may qualify for across your policies.
Increase Deductibles
Choosing higher deductibles reduces premiums but increases out-of-pocket costs in the event of a claim.
Review Discounts Annually
Eligibility for things like multi-policy discounts can change year-to-year based on your evolving risk profile.
Prepay Premiums
Paying your policy premiums annually in full can earn a discount compared to monthly installments.
Adjust Limits Carefully
Only increase or reduce coverage limits based on your actual insurance needs to avoid overpaying or being underinsured.
Bundle Multiple Properties
If you own multiple homes or vehicles, insuring them together earns higher discounts compared to having them covered individually.
Leveraging these strategies maximizes the value you receive from policy bundles with Farmers Insurance.
READ ALSO: Demystifying Comprehensive Car Insurance: Your Complete Guide
Is Farmers the Right Insurer for You?
While Farmers offers excellent bundling opportunities, make sure to compare their bundled quotes with those of other leading insurers before choosing a provider.
Some key considerations when deciding on Farmers include:
Customer Service Reputation – Farmers get mixed reviews from policyholders for claims servicing, responsiveness, and customer service compared to competitors.
Total Discount Potential – While discounts average 20%, your specific savings may end up higher or lower based on your risk profile.
Variability in Pricing – Farmers is known to increase rates at renewal time compared to the original quoted prices.
Policy Offerings – Farmers has limited home insurance endorsements compared to some other national insurers.
AM Best Rating – Farmers holds an ‘A’ rating for financial strength, showing solid financial footing.
Checking BBB and online reviews can provide further insights into current customer experiences with Farmers. Getting quotes from multiple insurers ensures you find the optimal bundle for your needs.
To Recap
Bundling insurance policies through Farmers provides an excellent opportunity to save money on your coverage thanks to available multi-policy discounts. Different lines like auto, home, life, umbrella, and renters insurance can be packaged together for an average discount of 20% off premiums.
Farmers streamlines bundled insurance management by combining policies on one convenient platform while still allowing each policy to be customized as desired. Paying for multiple policies in full each term and asking about all available discounts maximizes potential savings.
However, consumers should compare bundled quotes from Farmers and competitors before choosing the right insurer. Reviews for Farmers claims servicing are mixed, so make sure you are comfortable with their customer service reputation before purchasing coverage. Finding the optimal insurance company for your situation takes research.
With some shopping around, Farmers Insurance bundles can provide simplified coverage management and significant savings through discounted pricing.
In another related article, Understanding Liability Insurance: What’s Covered and What’s Not
