How to Increase a Deductible to Lower Premiums on Car Insurance

Video Transcript

"To increase your deductible on your homeowners or your, your auto insurance you simply pick up the phone and call your agent and say I want to increase my deductible, which in some cases, or most cases when you increase your deductible it does make your premium go down a little bit, but you need to weigh how much you're paying versus how much the deduct that you would have to pay out if you did have an accident. Say if you went from, if your deduct was five hundred dollars and you switched to fifteen hundred, the, the premium doesn't change that much, sometimes it's worth it sometimes it's not, that's just a personal choice that you have to make. If your deduct was fifteen hundred dollars what that means is if you get in an accident you pay the first fifteen hundred dollars to, to have your vehicle fixed, and then they pay whatever's over that. And obviously if your deduct was five hundred than you only pay the first five hundred, so, but your premium is lower the higher your deductible is."