Combine your insurance products for the best insurance claim outcomes

It is always in your best interests to have all of your insurance products with one insurance company. Insurers offer large discounts, and potentially can provide a certain amount of preferential treatment, when negotiating additional insurance coverages or adjusting an insurance claim.

The benefits of having your policies with one insurer

Insurance companies may say to the general public that everyone is important, and every client gets the same treatment. For the most part, this is true. However, if you have all of your insurance products with one company and can establish loyalty with that insurer, you may get a bit more leniency in the event of a claim that is not automatically covered. For most clients, this means combining home and auto policies, as well as commercial insurance with the same insurer.

Some insurers offer benefits over and above discounts for combining policies. Aviva, for example, offers a single deductible for home and auto policies, a disappearing deductible, and an additional $1 million excess liability coverage for personal lines of insurance.

High net worth clients

If your policies add up to around or over $10,000 a year, the insurance company will stand up and take notice of you as a VIP client. We typically see this with clients who have a combination of businesses, high-value homes and vehicles. In this case, the scale is tipped further in your favour if you have all of your insurance products under one roof.

In the case of a conflict or disagreement with your insurance company, the insurance company may give you a break with the positive leverage you have. This gives your insurance broker more ammunition as well, as different departments of large insurance companies don’t talk to each other and a claims agent may not know that they are dealing with a VIP client.

Insurance companies are often more willing to insure certain property, vehicles and even circumstances they may not normally insure due to the amount of business they have with one client. Brokers also have more leverage to work on your behalf so that the insurer will accommodate situations that they normally wouldn’t accept.

Wait – what about the policy cost?

It’s not recommended to divvy your policies up between different insurers for the best price possible on a policy by policy basis; on average, this may save you some money but may not be worth the added benefits of having all your insurance with one insurer.

Business owners in particular can be tempted to switch to save money. A savings of 10% a year on a mid-sized business can be very attractive. But if you do find a policy for less money, chances are good that your insurance broker can talk to your insurer to see if they can get an additional discount or review the premium cost. And by the time you remove your discounts and benefits for having all of your insurance coverage with one company, you may not actually be saving that 10%. Again, you have more leverage to negotiate.

Why an insurance broker works best for high net worth clients

The higher your net worth, the more insurance products you are likely to need. Having one insurance broker handling your insurance gives you one direct contact for all of your insurance needs. They get to know exactly what you need, what your preferences are, and most importantly they care about getting you the best outcomes possible in the event of a claim.


Kennedy Insurance has been North Bay’s hometown insurance broker for over 100 years. Contact us today to find out why your insurance is best handled by the experts at Kennedy.