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.

Posted by Alyssa DiCrasto

Alyssa uses her many years of experience writing about complex industries to research and create clear content that makes insurance easy to understand. She has been with Rate Retriever since its beginning, establishing our strict editorial policy and directing our comparison experience.

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