Finally, another one of the best ways to strategize lowering your car premium for your auto insurance is to raise your car’s deductible. A deductible is the amount of money you agree to pay when there is an issue or accident with your car before the insurance covers the rest.

So, in most instances, if you are willing to have a deductible between $500-$1000, or even higher in the event there is an accident or other issue, then your overall monthly rate could be potentially lowered by hundreds of dollars a month. 

This strategy could be a good choice for you If you are a safe driver and a higher deductible is something that your budget allows, then this is an easy way to get a lower car insurance payment per month. 

So how do you bargain with the insurance agent for a higher deductible/lower rate? Simply ask your agent to raise your overall comprehensive deductible and your deductible on collision insurance. 

You can point out that you are a safe driver, if this is true. Often safe drivers receive discounts because they have a history of safe driving practices. 

Drivers who opt for this strategy could save between 10% to 40% on their annual policy. However, it’s important to consider the overall picture of your finances. If you set your deductible to be too high, you may be left with costly debts to pay if you ultimately do not have the funds to cover the deductible. When an accident does occur, paying your part could become difficult for some. 

A good rule of thumb to remember is that the higher the monthly cost of your insurance, the more you potentially save by raising your deductible. This could be a good strategy especially if you are a safe driver and have a good driving record.