Will A Higher Deductible Save On Auto Insurance?
If you are very frugal with your finances and a safe driver
, you may be contemplating purchasing auto insurance with a higher deductible. With a higher deductible comes greater financial risk, and there are several factors you need to take into account when searching for the best auto insurance coverage.Auto Insurance in a Nut Shell
Auto Insurance is required in every state to ensure drivers have the finances readily available if an auto accident occurs, damaging the vehicle. Granted, you may have the money to pay for the damages done to your own car, but what if you have to pay for damages to the other vehicle or to the person involved? The higher the deductible, the lower the payout for the insurance company, and the lower the premium you will have to pay per month.
High Deductibles
It may be tempting to purchase auto insurance with the highest deductible available; but you may be placing yourself at high risk, especially if you have been in an accident prior. There are times when you can purchase a plan with a high deductible, but you need to make sure you are applying the higher deductible to the correct portion of your auto insurance, such as on comprehensive or collision coverage.
If you decide to purchase a high deductible plan, it is recommended to set aside money every month just in case an accident does occur. If you do not set aside the necessary funds, then you should stick to higher rates with lower premiums; otherwise, it will take some time to pay off the repairs and get your car back from the auto body shop.
Purchasing Auto Insurance
When trying to decide which auto insurance plan is best for you, you need to evaluate the following factors:
What is the value of your car?
Is your car paid off?
What type of premium can you afford?
Once you have decided on whether you can afford a higher deductible you can begin searching out the perfect auto insurance coverage for your vehicle. In order to save money you should seek out several quotes from different insurance carriers to ensure the best rate available. Annual rates can differ greatly, and choosing the correct plan can save you hundreds of dollars. If you are a safe driver and need a higher deductible, then carefully choose a plan that best suits your needs, which can save you financially in the long run.
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