When you choose your insurance policy, you need to spend time considering the pros and cons of your deductible options. While it’s true that the higher deductible means a lower monthly premium, if you do experience a mishap it’s also the out of pocket expense you’ll have to deal with. Your goal is to find the option that best works with your financial situation.
What few people realize is that the deductible is a tool insurance companies use to encourage drivers to use caution while they’re behind the wheel. The hope is that knowing you will be responsible for at least part of the damages will encourage you to drive defensively.
The best way to make sure you’re able to cover your deductible if you are involved in an accident is making sure you have the money saved. The best way to prevent yourself from spending the deductible is by placing it in an account at a bank you don’t regularly use.
If you have any questions about your current insurance policy, the amount of your deductible, or would like to discuss a new insurance policy, please feel free to contact us!