Increased Deductible Discount
My Insurance Broker
Nov 16th, 2016 at 02:06 pm • Richmond Hill, ON
How can increasing my deductible lower my car insurance premium?
If you increase your deductible, you may be able to lower your premium and save on your car insurance. By increasing the deductible, you assume more of the risk of payout in the event of a claim and reduce the overall amount an insurance company has to pay out. This option must be considered as a last resort however, and bear in mind that you must be able to afford the deductible at the time of a loss. Contact a My Insurance Broker advisor today to learn more.
How much can I save on insurance with a higher deductible?
The amount you can save on a higher deductible insurance plan depends on the amount of your deductible. The higher your deductible, the lower your premium, however this discount option is usually a last resort to lower premiums. Ensure you can afford the deductible at the time of a claim/property loss or unemployment. Talk to your broker today. Usually, deductibles are given to clients based on affordability, with 3 – 15% off in savings.