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Opting for a higher deductible can significantly lower your monthly premium. Just make sure you can comfortably cover the higher out-of-pocket cost if you need to file a claim.
For example: If you must file a claim, and your deductible is $500 — and the body shop’s bill is $3,000 — your insurance company will only pay $2,500. You’re responsible for the remaining ...
On the other hand, taking on more of the risk by raising your deductible will lower your premiums. It's no secret that auto insurance rates have soared since the early days of the COVID-19 ...
The program was originally created to help subsidize insurance bonds for drivers who could not afford insurance, but the revenue now mostly goes to the state's discretionary general fund. [1] New Jersey is the only state in the US with this type of surcharge program.
2. Take advantage of discounts. Another solid strategy when you need to know how to lower your auto insurance rate is to consider discounts. Companies typically offer several discount ...
New Jersey car insurance laws. New Jersey’s car insurance laws give drivers two options for coverage: a basic policy or a standard policy. Basic policies were designed by the state to ensure all ...
Auto insurance costs are up more than 22% since this time last year. It may be time to take that defensive driving course and bank the discount. Car insurance rates are nuts right now.
Increasing your deductibles to lower your insurance premiums may save you money in the short term, but it can put you in a precarious financial situation if you need to submit an insurance claim.