Raising your deductible can lower your premiums.
Whether you are in the bazaar for a original auto insurance policy, you may be able to save yourself some cabbage by accepting a higher deductible. Raising your deductible can further save you cash whether you already admit coverage. Whether you are involved in an Car accident, that deductible Testament play a role in how still you grip to locate your automobile. Generous your deductible and how it works is life-or-death for anyone who has or is shopping for Car insurance.
Instructions
1. File your recent auto insurance policy. You should assume a full-dress auto insurance policy each time your insurance comes up for renewal. Turn to the declarations section and find your deductible.
2. Check the estimate to fix your car if you have been involved in an auto accident. If you were required to receive more than one estimate, the car insurance company generally uses the lowest estimate when deciding how much they will shop for the repairs.
3. Subtract the amount of your deductible from the amount it will cost to fix your car. This gives you the amount the insurance company will shop for those repairs. For example, if the lowest estimate to fix your car is $800 and you have a $500 deductible, you can expect to be reimbursed $300 from the insurance company.
4. Choose your deductible level based on the total cost of the policy, including the premiums and the potential out-of-pocket costs of the deductible. For example, if raising your deductible from $250 to $500 lowers your premium by $20 a month, you would recoup the extra cost of the higher deductible in a little over a year.
Compare the monthly premium for your car insurance policy at various deductible levels. Contact the car insurance agent and ask for a quote at $250, $500, $750 and $1000, then determine how long it will take for the premium savings to get the higher deductible.5.
