Can I lower my full coverage insurance premiums by increasing my deductible?

Yes, you can lower your full coverage insurance premiums by increasing your deductible. A deductible is the amount of money you have to pay before your insurance kicks in. By choosing a higher deductible, you are agreeing to pay more out of pocket if you have a claim. This means the insurance company has less risk, so they can offer you a lower premium. However, be sure you can afford the higher deductible in case you do have to make a claim. It’s important to weigh the potential savings against the financial risk of a higher deductible.

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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