Auto Insurance Deductibles : How Much Is Right For Me?

Posted & filed under Car Insurance Tips.

Auto Insurance Deductibles

Auto insurance deductibles can be as little as $100 or as high as $1000 and more, depending on how much you think you can afford to pay out of pocket before your auto insurance begins paying on a claim. The higher your deductible, the less you pay for your premium. Choosing a high deductible can save you between 10 and 20 percent on your premium.

The best way to decide on a good amount for your deductible is to look at your financial situation; how much cash do you have in your savings, available credit, and money left over after you pay your monthly bills. If you have no more than $500 available to you, choose a lower deductible. If any or all of your resources are above that amount, you could probably handle a higher one. Always comparison shop for auto insurance quotes to save even more money.