$1,000 Deductible or $500 Deductible on Auto Insurance?
$1,000 Deductible or $500 Deductible on Auto Insurance?
Q: I already pay a fair amount of money on my auto insurance premium and I’m at $500. Would it be smart to raise my deductible from $500 to $1,000?
AIS Answer: Raising an insurance deductible should not be taken lightly. When you raise your deductible from $500 to $1,000 you’re essentially saying that you will pay for any damage under $1,000. Depending on your circumstances this may not be the right move for you.
Before you raise your current auto insurance deductible (or any insurance deductible for that matter) then you need to realize you’re responsible for the difference. A smart move would be to set aside the difference or the full amount of the deductible so you always have that money available in case of an accident.
If you can set aside $500 to $1,000 then it’s possible the premium savings from raising the deductible would be worthwhile.
Always consult a licensed insurance agent or your current insurance company before making changes to your auto insurance policy.
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I switched my deductibl to $1000 and it saved so much money a five hudnred dollar dedutible is great but it’s not going to save you as much mney
1k dedutible FTW
should I change my deductible from $50?