If you are having trouble paying your auto insurance bill every month because it is too expensive, you are not alone. Many people struggle in Norman, OK with this although they have no idea how they can lower their premium payment every month. However, there is one simple trick that you can use to do exactly that. This tip, from J. Charles Insurance, can help you save a good chunk of change every month.
Increasing Your Deductible
The way you can lower your premium is by increasing your deductible on your auto insurance. The deductible is something that you only pay if you are in an accident or have to pay for part of the repairs. Many people never even have to pay a deductible so it makes sense to raise this. By increasing your deductible, you can save money monthly and if you do need to pay a deductible for repairs, it still may be less money in the long run compared to paying more every month. To show you how much you can save, on average, if you increase your deductible from $250 to $500, you can save up to 7 percent. If you increase it from $500 to $1,000, you can save up to 9 percent. If you increase your deductible from $500 to $2,000, then you can save up to 16 percent. That is a good amount of money you are saving every month and if you want to prepare for the possibility of paying a deductible, you should consider putting those savings in a separate account just in case.
Lowering your auto insurance cost can be as simple as that. If you are interested in learning more, be sure to reach out to J. Charles Insurance, serving Norman, OK, and find out how much you can save.