We understand that paying more than necessary for auto insurance may not appeal to consumers. At Nest Insurance Agency in Amarillo, TX, we aim to assist you in achieving savings without putting your coverage or financial future at stake.
Assessing the Impact of Increasing Your Auto Insurance Deductible
When contemplating cost reductions on your car insurance, you might consider boosting your deductible first. A deductible refers to the personal costs you could be liable for during a damage accident. For instance, if your vehicle sustains $3,000 in damages and you have a $500 deductible, you would bear that expense. Although an increased deductible can lower your insurance payments, it also escalates your risks. For the same $3,000 accident, you would incur $1,000 in out-of-pocket expenses with a $1,000 deductible.
This becomes significant when considering that average new vehicle costs exceed $40,000 and repair costs are rising. Do you have the resources to bear $1,000 or more out-of-pocket in case you are at fault in an accident? Boosting deductibles is a common strategy people adopt to cut car insurance costs. However, be wary if a $1,000 or more out-of-pocket could significantly impact you.
Get a Revised Insurance Quote Today
You can comprehend the effect of increasing your deductible on your car insurance premiums by contacting the team at Nest Insurance Agency. Contact our office in Amarillo, TX for a car insurance price quote that matches your budget and your vehicle.
