Generally, when someone decides on a deductible amount forhis or her car insurance, he or she sticks with it. But increasing the amount you pay for fender benders is the best place to look when trying to lower your annual out-of-pocket expenses, according to the Insurance Information Institute.
Admittedly, it's a gamble. A car wreck will cost you more this way, but if you and everyone else on your car insurance policy have a history of safe driving, it's a way to save money. And if the threat of a big deductible payment worries you, put the money aside. Use your annual savings as an auto emergency fund so you'll never be caught by surprise.