Go for a higher deductible5 of 9Often, car owners choose car insurance policies with deductibles as low as $200, says Michael Barry, spokesman for the Insurance Information Institute. But by increasing your deductible to $500 or $1,000, you can save a great deal of money on the monthly premium."Most drivers aren't going to file a claim unless (the damage) is at least worth $500," Barry says."It actually saves money over time to carry a higher deductible, thus saving money on your policy every month (while you) pay for little things like windshields out of your pocket," says O'Connor. "Turning in a number of claims could negatively impact your auto rate." Related Articles:Get cheaper car insurancePay-as-you-drive insuranceHow to pick car insuranceOlder-driver discountsRelated Links:Pick a car insurance agent7 steps to take in a car accidentABCs of auto insuranceNeed new car insurance? advertisement
Often, car owners choose car insurance policies with deductibles as low as $200, says Michael Barry, spokesman for the Insurance Information Institute. But by increasing your deductible to $500 or $1,000, you can save a great deal of money on the monthly premium.
"Most drivers aren't going to file a claim unless (the damage) is at least worth $500," Barry says.
"It actually saves money over time to carry a higher deductible, thus saving money on your policy every month (while you) pay for little things like windshields out of your pocket," says O'Connor. "Turning in a number of claims could negatively impact your auto rate."
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.