3 Scenarios Where You Shouldn't Raise Your Deductible

It's common knowledge that one of the quickest and easiest ways to lower your car insurance premiums is to raise your deductible. But is it worth it? Here are 3 scenarios where you should think twice about raising your deductible:

1. You have a new car
Congrats -- you have a new pair of wheels (and likely, a new car payment...). Before you change your deductible, consider what would happen in the event of an accident. There is no getting around needing full coverage that includes the collision and comprehensive features -- so you know you're going to pay that full deductible out-of-pocket. Having high comprehensive and collision deductibles on your car insurance policy will mean paying more out of pocket if you run into a streetlight or your car is stolen.

2. You have a great driving record
If you have a clean records, you're likely already getting a great deal from your insurance provider, so raising your deductible really might not be worth any short-term savings. In fact, you might be shocked to discover that you have only added $10-$20 to your monthly bill by dropping your deductibles. Is saving an extra $100 a year really worth it in the event of an accident?

3. You're a worrier
Listen -- accidents happen. That's why they're called accidents. And that's why there's insurance. Insurance is peace of mind -- it's hopefully something you won't ever have to use. If a higher deductible is going to cause you stress -- don't raise it! There are lots of other ways to save on car insurance.

Sources: esurance, the pros and cons of high deductibles | Insurancequotes.org, Is Raising My Deductible the Only Way to Get the Best Auto Insurance Rates?

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