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Automotive Insurance Deductible


The higher your deductible the lower your policy costs
When looking to purchase insurance one thing you should consider is your deductible. A deductable is a sum of money you will pay out of your own pocket before making a claim. The higher the deductible, the lower your insurance policy costs.

The downside is if you do need to make a claim on your policy you will have to pay the deductible.

Example: You have a automobile values at $20,000. You have a $1,000 deductible. If you get into an accident that is your fault and you want to make a claim against your policy, you pay the first $1,000. Having a higher deductible can lower your insurance costs.

If you get into an accident that is your fault you pay the deductible. If it is the other persons fault, you do not pay the deductible. Keep this in mind if you are in an accident with a deer or other animal that causes damage to your car. You did not hit the deer, the deer hit you. This simple change in wording can save you from having to pay your deductible. After all it was the deers fault, not yours. You can be certain the deer will not appear in court to dispute your claim :)

NOTE: These are just ideas consider if you want to save money. Situations may vary.  You should keep a reasonably low deductible unless you have the money to pay up front if you should need to make a claim against your policy.

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