28. Save $100 per month – Increase car insurance deductibles

Most of us don’t need to be insured for all losses over $100 on our car, for example. Although we wouldn’t want to pay a $250 or even $500 deductible, we could. If that’s you, find out how much you’d save from raising your deductible. I’ve raised my deductibles on my auto insurance and home owner’s insurance and saved a considerable amount.

Many people are afraid of a higher deductible because they don't want to pay a big sum if something happens. Did you know, however, that you can lower your insurance bill up to 25% by moving your deductible up to $1000 ? For many people, that would allow them to put the cost savings in the bank to cover the risk of the increased deductible, essentially allowing this tip to pay for itself in the first year or two. Anything you save after that is money you can spend. Using this chart with fictitious numbers as an example...

Annual deductible  $250   $500      $1000   $2000
Rate/month            $183   $147     $94       $73
Total/Year              $2196  $1764   $1128   $876
====================================
Yearly Savings       $0       $432      $1068   $1320

You can start to see the math working here. Raising your deductible from $250 to $500 saves you $432 in payments, which is more than the additional $250 you would have to pay in deductibles. Of course, each situation is different, so when you are buying insurance, have the agent build a chart like the one above so you can make an informed decision.

Also check out idea nr. 29: $$ Save $100+ per month – Save money on car insurance

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