Vaught Wright & Bond Insurance, Inc.

How often do you file insurance claims? Most people will say less than every five years. In fact, many of us have not filed a claim for ten or more years. Generally you can save 10-20% of your premium by increasing your deductible.

Here is an example with personal insurance. If you increase your homeowners deductible from $500-$1000, you may save $200 or more per year. With this savings on an annual basis, if you don’t have any claims after 10 years you would save $2000; and that is just on one policy. Even if you filed a claim, say after three years, you would still save $100! (3 x $200 savings – $500 increase in out-of-pocket deductible = $100).  If you combine increased deductibles for your auto insurance and any other policies, it can add up to thousands of dollars in savings. If you own a business, higher deductibles will likely save even larger amounts.

Have you analyzed your insurance lately? Now may be the time for a fresh look.  A few minutes of your time can save a lot of cash, and give you better coverage as well. Get a quick analysis and you will see just what is possible with smart deductibles!

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