With the economy the way it is these days, many people are trying to find ways to cut their expenses while still maintaining their necessities. Often times, when things get hard, people let the bills drop that they feel they can get away with and car insurance happens to be one the bills people feel are disposable — even though having car insurance is required in every state.
Most people feel like they will just pick it up again once their situations improve, figuring that since they are a good driver — defensive, law abiding, never speeding or talking on a cell phone — that the odds of them needing it before they can reinstate it are pretty low. It is unfortunate that there are people in this situation, but there is an option: you can receive a car insurance quotes from your insurance agent for making your deductible higher.
Many people do not realize you can ask your insurance agent for a higher deductible in order to lower your monthly premiums. Often times, when you receive your car insurance quotes for a higher deductible, this can save hundreds of dollars a year on car insurance. Given that most people let their insurance lapse in order to make do at the time, this can be a huge motivator for keeping the car insurance and still saving some money. If you consider yourself a good driver then you are less likely to need insurance, so having a higher deductible is more than likely the best way to go in this situation. Then, you can rest easy with the knowledge that just in case something were to happen, you are still covered.
Basically, when you are receiving your car insurance quotes for the higher deductible, you will be choosing a deductible — the out of pocket amount you would have to pay to repair your car in the event of an accident — of either $250, $500 or $1000. By going with the $1000 deductible on your collision insurance, the insurance that covers the physical damage of your car in an accident, you can save upwards of 20% off your insurance bill. This can amount to huge savings for the car owner and is certainly worth checking out.
Higher deductibles might be preferred if you’re a very good driver with a fairly blemish-free driving record. While we all would like to believe that we’re good drivers, we need to look at the facts and recognize our driving imperfections. Whatever your skill and driving history, you can find an insurance plan that works for you.