WEDNESDAY, JUNE 21, 2023
Your auto insurance deductible is paid out of pocket before your insurance coverage kicks in and pays for a covered incident. This cost is separate from your premium, which tends to be smaller when you pick a policy with a high deductible. While choosing the highest possible deductible to help reduce your car insurance premiums may be tempting, there are significant pros and cons. 
Long Island drivers can learn more about how to get appropriate auto insurance coverage by contacting Lupton & Luce today.
Pro: High Deductibles Can Help Reduce Car Insurance Premiums
A high deductible policy gives you more control over your insurance premiums. That’s because policies with high deductibles often have lower monthly premium costs. This flexibility allows you to adjust your coverage based on your financial situation and risk tolerance. A high deductible policy may provide substantial savings if you have a solid emergency fund or rarely make claims.
Con: High Deductibles Can Create a Financial Burden
The most apparent disadvantage of a high deductible auto insurance policy is the higher out-of-pocket expenses when making a claim. If you’re involved in an accident, the deductible is due before you can get your vehicle fixed or replaced.
If you must make multiple claims quickly, the financial burden can be overwhelming because you will need to pay your deductible each time.
Work With Your Agent to Reduce Premiums Further
There are numerous ways to reduce car insurance costs beyond increasing your deductible. Your agent can help identify discounts for which you may be eligible.
Working with a reputable insurer specializing in covering drivers with similar circumstances and driving records can help bring down your monthly payments. Some insurers prefer to cover more experienced drivers, while others readily provide coverage for families that include teen drivers. Your agent can help you compare quotes to get the best possible value.
Contact Us
Choosing the right auto insurance policy requires careful consideration of various factors, including the deductible amount. Contact Lupton & Luce in Riverhead, New York, to learn more about your auto insurance options and get a personalized car insurance quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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