Make and Save Money Off Your Insurance Deductibles

When is the last time you put in a claim on one of your insurance policies. Me, I have never put in a claim (blessing), but I’m still paying for it. You can’t risk not having insurance. Not because you’re not willing to take the risk, but because the law requires you to have it — house, and auto insurance. So, how can you make money and save money off of your insurance deductibles. Simple — raise your deductibles. Here’s what I have done:

My Journey For The Simple Dollar- Making and Saving Money Off Your Insurance Deductibles

• Simple Dollar Tip 1 – I raised my homeowners insurance deductible to $1,000
• Simple Dollar Tip 2 – I raised by auto(s) insurance deductible to $1,000

This may seem risky, however I don’t think it’s a risk at all. Unless the house burns down with the cars in the garage I will never have to pay $2,000. By raising the deductible on the house and cars my premium dropped (not my coverage). My old premium on the house was $365 the new premium is $350.70 that’s a savings of $14.30. My old premium on the cars was $526.99(x2) the new premium is $513.14(x2) that’s a savings of $27.70. My total savings for raising my deductibles is $42.00.

• Simple Dollar Tip 3 – I put a $1,000 in a CD (Certificate of Deposits), just in case I have to use it. The CD from TD Bank interest rate for a 60 month CD is currently 3.00%. Now, I’m earning $150.00 or $2.50 per/month for the next 5 years in interest.

If I never make a claim I will have an total from savings ($210) and earnings ($150) equaling $360. If you have to make a claim your savings is still the same — $210 and your potential earnings will stop once the CD is terminated. Therefore, until the CD is terminated you will be earning interest.

My Journey For The Simple Dollar

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