When Looking for Discount Auto Insurance, Think About Deductibles Millington TN

There are many ways to save on auto insurance. However, one of the best ways to save on auto insurance however is to think about deductibles. This means, when looking for discount insurance look no further than opting for a higher deductible.

Allstate Auto Insurance
(888) 355-7971
4384 Stage RD Ste 200
Memphis, TN
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
4708 Yale Rd
Memphis, TN
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
6770 Stage Rd
Memphis, TN
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
7630 Valley Glen Dr
Memphis, TN
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
1445 Dexter Lake DR
Cordova, TN
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
14366 Highway 51 S
Atoka, TN
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
1992 Hampton Hill DR
Memphis, TN
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
5985 Stage Rd
Memphis, TN
Description
Safe Drivers Save 45% or more on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
3540 Summer Ave
Memphis, TN
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

Allstate Auto Insurance
(888) 355-7971
8165 Creekside Cir S
Cordova, TN
Description
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Phone Hours
SUN - SAT 12:00AM - 12:00AM

When Looking for Discount Auto Insurance, Think About Deductibles

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There are many ways to save on auto insurance. You may qualify for discounts ranging from 10-40 percent for everything from added safety features such as anti-theft devices to completing a defensive driver course. You may also enjoy lower rates on auto insurance if you own an older vehicle that doesn’t really require optional coverages such as comprehensive and collision. However, one of the best ways to save on auto insurance however is to think about deductibles. This means, when looking for discount insurance look no further than opting for a higher deductible.
A deductible is the portion of an insured loss to be borne by the insured before the insurance company takes over. Higher deductibles reduce the insurance company’s exposure. Small losses that do not exceed the deductible do not require a claim settlement, and large losses that exceed the deductible result in a smaller settlement.

Deductibles are usually offered in the following amounts: $100, $250, $500, or $1,000. A person carrying a $250 deductible will end up paying a higher annual premium than a person with a $500 deductible. If you raised your deductible from $250 to say $1,000, you could save as much as 40 percent on certain coverages such as comprehensive and collision. Because you are assuming more of the risk, the auto insurance company charges you less on your insurance premium.

Because the deductible must be paid in full before the auto insurance company will cover its portion of the amount to be paid, a $1,000 deductible might be too much to handle at one time. According to Nationwide Insurance, you should always choose an insurance deductible you can afford to pay in the event of an accident. True, a higher auto insurance deductible can lower your insurance premium, but you must make sure you have enough money available to pay your deductible if you get into an accident and need to file a claim. That said, you should consider how much you would save overall in premium costs by opting for a higher deductible. The savings, or at least a portion of it should be put away in case of an accident.

According to autoinsurancetips.com, other things to consider when choosing a deductible are the age and condition of your car. If your car is more than 10 years old and in poor condition, it is worth less than most newer vehicles in fair to good condition. You should consider the actual cash value of your car compared to the auto insurance deductible amounts. You can check the Kelly Blue Book (www.kbb.com) to find out the actual cash value of your vehicle. In the meantime, here’s an example. Say you car is 12 years old and in poor condition and it has an Actual Cash Value of $1000. In this case, you would not want to pay a $1000 deductible. Fortunately, the age and condition of your car may work for you when shopping for auto insurance. Older cars that are worth less usually cost less to insure.

To learn more about discount auto insurance or to find out about auto insurance laws in your state, visit your official state insurance department website.

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