A San Jose Auto Insurance Update
We are all looking for ways to save money. Insurance works hard to offer the best combination of pricing and coverage to all our clients. We recommend that you review your insurance program annually to make sure your insurance is meeting your changing needs. Considering changes in deductibles should be part of this process. Increasing deductibles can reduce your premiums and may save you money in the long run. Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.
Increasing your deductible will reduce your auto premiums. For example, let’s say you pay $225 per month for your auto insurance with a $50 comprehensive and $100 collision deductible. By increasing your deductible to $250 comprehensive and $1,000 collision you might save $75 per month. That is a $900 annual savings. Assuming you don’t have regular accidents, the savings would almost pay for itself in a year. (This is an example only. Actual savings will be based on individual factors)
If you raise your collision deductible to $1,000 and have an accident the next day, you must pay the $1,000. Are you prepared to manage that? Keep in mind these deductibles will apply even if your car is stolen or a tree falls on it; it does not have to be your fault.
Your deductible and limits are a personal decision and your financial situation plays a part in the deductibles and coverage you choose. We can review your insurance and provide deductible saving options, so please call us today.
With over 20 years of experience in the insurance industry Leon Shum the agency owner is ready to help you find the right coverage for your home or business.
Bridgeway Insurance Services offer a network of carefully selected insurance companies which includes some of the largest national carriers in the industry.
Bridgeway Insurance Services is passionate about providing customized insurance solutions to our clients. Nothing we do is “standard”. We understand each client is unique and deserves solutions that meet their needs.