Cory S
Well-Known Member
- Joined
- Dec 10, 2019
- Threads
- 47
- Messages
- 3,355
- Reaction score
- 3,710
- Location
- Bradford, NH
- First Name
- Cory
- Vehicle(s)
- 2016 Mustang GT Premium
People need to compare deductibles and how much they effect yearly premiums. It’s the biggest marketing scam of insurance.I've started over-budgeting for homeowners and auto insurance, the next several years. It might slow down, but I'm afraid the trend will continue, up.
FL seems to be suffering the greatest increases, homeowners insurance especially. It doesn't feel like we're too far behind in CO.
Inflation, companies recovering losses, people driving under the influence or more distracted than ever before.
I've clawed back a little. In my homeowners, updating the roof material took some off the premium. On auto, I made an adjustment to actual mileage driven. Previously, I'd also found the safe driver discount unchecked on the company's website (unchecked by default). It's not much, but a small victory none-the-less.
In many cases, just raising a collision deductible to $1000 from $500 can lower the yearly premium by $150-$500. Unless you’re crashing the car every couple years, you’ll pay less out of pocket in the long term with the lower yearly premium.
Take my policy on the GT for instance.
$580/year with a $1000 collision deductible. Lowering that deductible to $500.00, raises my yearly premium to $792…….. Over let’s say 5 years, it would have costed me an extra $1060.00 out of pocket in policy premium.
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