Raising Your Deductible to Decrease Your Car Insurance Premiums
One easy way to lower your car insurance premiums is to raise the amount of your deductible. This amount is the portion of the auto insurance that you will pay before the car insurance company pays anything.
Car insurance companies usually have preset amounts that you can choose from when it comes to selecting a deductible amount. Generally, it runs something like this: $100, $250, $500, or $1,000. Some companies will also have other values as well. For each amount that you increase the deductible (the part you pay), the less you will pay each month in insurance premiums.
While it is possible to get much lower insurance rates, particularly if you have only $100 deductible now, it is very important that you remember that you must pay the full deductible amount per incident before the insurer pays a dime. This makes it absolutely necessary to have the money in a savings account somewhere to cover this car insurance expense. While it is hoped that you will never need it, it is still a very good idea to be prepared.
No Responses to “Raising Your Deductible to Decrease Your Car Insurance Premiums”