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Decrease auto insurance coverage?

February 19th, 2013 at 09:44 am

I have seen some financial advise articles say to get the least amount of coverage with the highest deductibles you can. They say that you will end up being able to save more in the long-run even if you end up having to replace your car for $1,500.

Our insurance is currently as follows:
BI 25/50
410.90
PD 50
UMBI 25/50
50.30
COMP Ded: 500
70.20
COLL Ded: 1000
269.30
Full Glass Yes
Total
800.70 six month premium

At $133/mo, I think we could see this go down a bit. What's everyone think?

4 Responses to “Decrease auto insurance coverage?”

  1. creditcardfree Says:

    Probably...there are lots of online comparison tools. We are older than you and only pay $430/six months for two drivers, two vehicles, much higher coverage, $1000 deductible. It definitely pays to check. We once went with liability only, but wouldn't you know that is when our car was in an accident (medical issue). Not fun to have a total car and have to start from scratch.

  2. JulieA Says:

    After we paid off our car loan I got some quote estimates and we would have only saved about $12 a year by raising our Deductibles from $500 to $1000 - and that is the advice I usually see given. I still have a 19 year old male on our policies and I think that is the primary factor of our auto insurance costs and the only thing that is going to help is that he grows up and moves out. LOL

    I'd just call around and get some quotes. It never hurts to check.

  3. LuckyRobin Says:

    Having high deductibles only works if you have an emergency fund that is big enough to cover them should something go wrong. They always seem to leave that part out. It doesn't do you much good to have a $1000 deductible if you wouldn't be able to pay that for the first part of your expense in an accident or whatever.

  4. Frgal Says:

    Okay. As I was thinking. I think we will keep it where it is, then. Smile

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