Can I lower my collision insurance premiums by increasing my deductible?
Yes, you can potentially lower your collision insurance premiums by increasing your deductible. A deductible is the amount of money you agree to pay out of pocket before your insurance company covers the rest of the costs for a claim. By choosing a higher deductible, your insurance company may consider you a lower risk and offer you lower premiums. However, it is important to carefully consider if you can afford the higher out-of-pocket costs in case of an accident before increasing your deductible. It is recommended to consult with your insurance provider to understand how adjusting your deductible can impact your premiums.
