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When most drivers in Idaho think about their auto insurance deductible, they think about it as an expense they pay when they file a claim on their policy. This is, after all, the amount of money that all drivers must pay each time they file a claim on their car insurance Idaho. However, it is possible to save money by making a simple change to your deductible.

How Your Deductible Works

The deductible is the portion of money a driver pays out-of-pocket when he or she files a claim. It is common for drivers in the state of Idaho to have a $500 deductible. A $500 deductible is a mid-range deductible that is affordable for many drivers to pay out of pocket if they need to file a claim. Few people enjoy paying the deductible, but this is an affordable amount that generally won't create a lot of hardship. Some people, however, have opted to have an even lower deductible. It is possible to have a $250 deductible. However, the lower a deductible is, the higher the premium is.

Putting Deductible Savings to Work

Many drivers do not consider raising the deductible to $750 or $1,000. This is a much larger sum of money for most people, and it would make filing a claim when necessary a more financially challenging prospect for some. However, depending on your specific insurance rates and insurance company, adjusting a deductible from $500 to $1,000 may save you up to 25 percent or more on the cost of your auto insurance premium. Consider putting the money saved by adjusting your deductible into a savings account for a few months until you have the full amount of the deductible saved. After you have the full amount of the deductible saved, you can then simply enjoy the benefits of paying less money on your car insurance rates.

Increasing a deductible to a higher amount can be a scary prospect for some, and this especially true for those who live on a tight budget. However, with the savings you enjoy by increasing the deductible, you can soon save up the full amount of the deductible in a savings account. When a claim is filed after this point, you can simply withdraw the cash you need from your savings account. The fact is that many people go for years without filing a claim, and during this time, you could be saving money on your auto insurance rates. Consider getting a rate quote for a higher deductible today.

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13y ago

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