It’s an unfortunate fact that as Americans we are getting used to managing higher deductibles on our health care. While these large limits help keep premiums down, they also require some financial planning to help ensure you can pay for your yearly medical needs. Home and auto insurance is a bit different in that claims are not as prevalent – we have insurance in case of an unexpected issue, not as a form of maintenance. Increasing the deductible on these policies might make a lot of sense. This tactic can save you money on your premiums while still providing the coverage you need for the rare catastrophe.
|AUTO INSURANCE COVERAGE||DEDUCTIBLE||YEARLY PREMIUM|
|Comprehensive with Glass||$500||$1963|
|Comprehensive with Glass||$1000||$1807.20|
|Comprehensive with Glass||$2000||$1603.20|
|HOME INSURANCE COVERAGE||DEDUCTIBLE||YEARLY PREMIUM|
|$478,800 home value||$1000||$2,842.00|
|$478,800 home value||$5000||$2,372.00|
Health insurance deductibles are tapped into each year – home and auto insurance deductibles are rarely applied. Think about it – many of us have had a minor car accident where we choose not to put the claim in. And when was the last time you had a claim on your homeowner’s insurance? It may make sense to take on a higher deductible to save money on your premiums for these coverages you rarely use but are necessary to have. If you are interested in seeing how this change can affect your home and auto premiums, reach out to us for a quote. Send us an email or give us a call at 317.663.4138.