Financial Challenge – Day 9

In the last challenge we started to look for better rates for auto insurance. This is an exercise that you should get into an habit of doing on a yearly basis to make sure you’re still receiving the best rate that you can get. In addition, you need to reevaluate the different types of coverage that you’re carrying on your car. This is important becasue as your car gets older, it’s worth less and less and therefore the coverage should be adjusted to reflect this.

auto deductible in case of crash
What is the deductible for these cars?

The next step is to take a good, hard look at your current auto insurance deductible. The deductible is the portion you have to pay out of your own pocket before the insuranc

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7 Responses to Financial Challenge – Day 9

  1. mjrube94 says:

    I just called Liberty Mutual to check the reduction for switching from a $500 to a $1000 deductible. It would save me $212/year (making the change on 2 cars). However, they informed me that if you have loan(s) out on the car(s), you need to check with your lender, because most lenders mandate that your deductible can be no higher than $500. I’ll be checking that out next…

  2. mjrube94 says:

    Update – One of my loan companies mandates a $500 deductible, the other one does not. So I went ahead and made the change on the one car, which will save me $150/year.

  3. emanuel says:

    very sound advice. thank you.

  4. Rob says:

    I just did this with my current insurer. We have two older cars carrying $500 deductibles on comprehensive and collision. We’ll see how much raising it to $1000 is…

    Great advice.

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