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Apr
14th

Saving Money with Deductibles

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I often hear people tell me that they have a $0 deductible from other leading insurance companies or that they have a diminishing deductible.  I ask them what the advantage to this is?  Most really do not have an answer except knowing that small claims will be handled without any out of pocket expense.  What most people do not realize is that this is a way to drive your premium up.   When I ask those with the diminishing deductible if their premium goes up each year, I always hear yes.  Do you wonder why?



Many customers prefer to customize a policy that is right for them. If a lower premium is most important deductibles can be a great option to save money while not compromising the type of coverage on the unit.  9 times out of 10 my customer sees that their premiums can drop significantly to justify the out of pocket expense if an accident ever does occur.  We offer several deductible options from $0, $250, $500, $1,000 and up to $10,000.  If you are worried about glass coverage, we’ve got you covered.  We offer “Full Safety Glass Coverage” at an additional charge, so if you have any front window damage you will not be out a deductible.



Example:



Say I own a 2010 Corvette Grand Sport Coupe in KY



Value $58,000

3,000 miles or less driven a year

$0 deductible = $742 per year

$250 deductible = $614 per year

$500 deductible = $580 per year



You can see that there is over a $150 savings from $0-$500 deductible.



If you are interested in receiving a no obligation quote, with deductible options, please check out our site at www.ncminsurance.com.