One wise means to ensure you have sufficient cash reserves would be to place the cash
saved by raising your deductible into an interest bearing savings account.
By raising your deductible on your home or auto insurance, your existing premiums will drop and you can use that extra money towards individual life insurance.
You can get your rates down potentially even
lower by raising your deductible, installing smoke alarms and a security system, and paying off more of your mortgage.
Although premiums are based on various risk factors such as your driving record and the make and model of your vehicle, you can negotiate costs
somewhat by raising your deductibles to a comfortable level and also inquiring about a multitude of discounts, such as anti-theft devices and a multi-policy household.
If want to lower your insurance premium
by raising your deductible while your car is still financed, be sure to check with your lienholder to see if they will allow a higher deductible than what you are currently carrying.
If you agree to pay for a larger portion of your own
damages by raising your deductibles, your car insurance company automatically knows they won't have to pay as much for your claims.
You can save 5 percent to 15 percent by bundling your home and auto policies with one company, 15 percent to 20 percent for a combination fire / burglar / sprinkler security system, and up to 25
percent by raising your deductible, according to the Insurance Information Institute.
You likely need little or no life, disability and long - term - care coverage, and you can also cut your premium costs
by raising the deductibles on your health, auto and homeowner's policies.
You might do a bit of detective work and figure out that —
simply by raising your deductible from current minimal amount to something higher like $ 500 or even $ 1,000 — you can drive down your rates to a much more accessible level.
Raise Your Deductible: If you have an emergency fund in place (even a small one), you can save a substantial amount of money on your auto insurance
by raising your deductible from $ 500 to $ 1000.
You may be surprised at how much it will cost you to add, for instance, comprehensive coverage to your basic policy, or how much you can
save by raising your deductible a couple hundred dollars.
Minimize your upfront
costs by raising your deductible to lower your premiums, excluding unnecessary coverage, and shopping around for renters liability insurance.
«Call your insurance company and ask how much it will lower your premiums
by raising your deductible, and then determine whether you want to assume that much financial risk,» Fisher said.
By raising your deductible, you'll likely lower your premiums so significantly you'll quickly save enough to make up the cost of a minor repair.
And you can reduce your rates even more
by raising your deductible — it's not unusual to reduce premiums by 25 % or more by raising the deductible to $ 5,000 from $ 500.
If you do you should really call up your insurance provider and ask how how much you can save on your premiums
by raising your deductible!
The easiest way to lower the cost of your premium is
by raising the deductible.