Thursday, April 14, 2016
The collision and comprehensive coverage on your vehicle will each have a deductible listed. The deductible is the amount YOU will pay out of pocket if you have an accident before your insurance kicks in.
So, if you choose a $500 deductible and have an accident, then you are responsible for $500 and your insurance will cover the rest (up to your policy limits). If you don't already know your policy limits, ask us for specifics. Deductible options vary from $1000, $500, $250, to as low as $50 in some cases.
So how do you choose the right one for you?
First, it’s important to see how your deductible affects your rate. The lower amount you pay out-of-pocket after an accident, the higher your insurance premium. This means you’ll pay more each month for insurance if you choose to pay less after a claim. We can quote your policy with different deductibles to give you an idea of the cost range.
Second, you want to look at your savings. If you have a good amount of emergency savings and could easily pay out $1,000 after a claim, then you would probably want to look at a higher deductible in order to save money very year on your premiums. On the other hand, if you have very little savings and couldn’t pay out that much after a claim, you might want to look at a slightly lower deductible that stills fits in your budget.
And finally the best option - ask your agent for help! We can sit down and explain ALL the options, rates, and discuss your personal situation in detail. This way you know that you’ve got the best coverage at the best possible rate. Call SAV-ON Insurance today at 888-867-2866 for a free rate quote!