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Auto Insurance Deductibles - Friend or Foe?
A deductible is the amount of the damages you will pay in the event of an accident or other covered incident before your insurance kicks in. For example: If your deductible is $500 and the total cost of your damages is $4000, you will pay $500 and the insurance company will pay $3500. The higher your car insurance deductible, the lower your premium. You can actually save up to about 40% by raising your insurance deductible. This takes discipline and self control, but in the end, if you do this, you will save yourself a lot of money. Just think, if you save $300+ a year by keeping high deductibles over the course of your driving career (mine has been 22 years and counting) you could save yourself $10,000-$20,000. It is certainly something worth thinking about. I'm always on the lookout for ways to save money, especially on my auto insurance. Return from Auto Insurance Deductibles to Auto Insurance Rates
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Auto Insurance Deductibles are a necessary evil, but you can work them to your advantage with a little clever maneuvering.
