Is Raising The Deductibles A Good Or Bad Idea?

Raising the deductibles can sure lower your auto insurance deductibles but do you think that’s a good idea. People are always tempted to raise the deductible to save a few hundred dollars. If you are also tempted here are the benefits of having low or high auto insurance deductibles.

High deductibles – the benefits

• Save money as you will pay less for the car insurance coverage.
• You can put the money you saved into your saving account and use it for rough days.
• In case of a high expense claim, you can pay for it as long as you maintain a smooth finance.

Low deductibles – the benefits

• If there is a car insurance claim, you can pay less
• Your collision coverage will pay for any collision accidents with less money from your pocket

The deductibles limits are your choice to choose. If you have enough cash to handle out-of-pocket expenses if a claim happens, a higher deductible will do well and you can save on the auto insurance premium. You will however pay less for out of the pocket claim if you have a low deductible. Just look at yourself, your driving skills, the time you take to drive and your age when you plan for the deductibles.