PFT #48 - Personal Finance Tip of the Week - How Raising Your Auto Insurance Deductible Saves You Money

<p><span style="font-weight: 400;">When looking at collision for auto insurance many people choose a lower deductible which is typical $500.</span></p> <p><span style="font-weight: 400;">The common thought is that I’ll pay out the least amount possible if I am at fault for an accident; however; as the rule goes:</span></p> <p><strong>A Higher deductible = Lower car insurance rate and higher out-of-pocket costs</strong></p> <p><strong>Lower deductible = Higher car insurance rate and lower out-of-pocket costs</strong></p> <p><span style="font-weight: 400;">So the question becomes why can choosing a higher deductible be beneficial?</span></p> <p><span style="font-weight: 400;">Website  </span></p> <p><span style= "font-weight: 400;">https://www.somethingonmymind.net/</span></p> <p>Merchandise</p> <p>https://www.somethingonmymind.net/shop</p> <p><span style="font-weight: 400;">Social Media </span></p> <p><span style= "font-weight: 400;">https://www.instagram.com/somm.podcast/</span></p> <p><span style= "font-weight: 400;">https://www.youtube.com/channel/UChec5qcZBcGkIhUU3belNDw</span></p> <p><span style= "font-weight: 400;">https://www.tiktok.com/@somm.podcast?lang=en</span></p> <p><span style= "font-weight: 400;">https://www.facebook.com/somm.podcast</span></p> <p><span style= "font-weight: 400;">https://twitter.com/Somm_podcast</span></p>