It turns out you really can save a bundle when you bundle policies with one insurer.
A new study finds that people can save 16% of their total cost — $295 a year on average — if they purchase car and homeowners insurance from the same company. In some states where insurance is more costly, consumers can pocket even more cash, according to an InsuranceQuotes.com’s report.
If you live in Louisiana, for instance, your average annual savings from combining policies would be $548 — the highest in the nation. In all four of the states with the next highest payoff — Oklahoma, Texas, Mississippi, and Kansas — residents could see more than a $400 reduction in their annual premiums.
Read More: 23 Ways to Slash Your Car Expenses
Even if you aren’t a homeowner, bundling may still cut down your insurance costs. People who combined car and condo insurance saved 11% on average, the report found, while those who combined car and renters insurance saved 8%.
Here’s where the biggest savings opportunities are now:
And the opportunities for savings are increasing: In 36 states, the report found, bundling offers a bigger payoff than it did last year. Hawaii residents got the biggest improvement, with savings jumping 66% this year to $192 from $116 last year; Floridians saw a 65% increase in potential savings.
So it’s worth calling your insurer for a new quote. Just remember: While you’re most likely to save by bundling, the best practice is still to get quotes together and separately. Depending on the provider, your location, the value of the assets you’re covering, and the liability coverage you select, there may be times when splitting your policies between different insurers will give you the best deal.