I called my insurance company the other day to ask about the cost of insurance for a car we were considering purchasing. My agent asked me about deductibles. She noticed we only had $300 and $500 deductibles, probably pretty standard when I first opened a policy with them 15 years ago. She let me know I could save if I raised my deductible to $1000. I know, realistically, I wouldn't make an auto claim for less than $1000 because my insurance rates would rise. I went ahead and changed the deductible on my auto policies saving over 13% on my auto premium. I raised my home policy deductible from $500 to $5000, lowering my house insurance premium by 33%! My agent told me that if we had a catastrophe and had a big claim, you ca be credited for doing some of the work (such as cleanup) yourself, to make up your deductible.
Overall we are saving $602.18 per year, or $50.18 per month. Now, I am kicking myself that I didn't do this earlier. I could have really used an extra $600 last year!
When was the last time you had a look at your insurance policies? Have you thought about what your comfortable deductible would be? The call to my insurance company took less than 10 minutes and saved me $600/year!
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