One effective way to save money on the cost of your Virginia auto insurance coverage is to raise your deductible. This is the amount you agree to pay out of pocket before your insurance provider will pay out anything on a claim that you make. A policyholder who decides to pay more toward a claim personally is a lower risk for insurance purposes, which means that he or she will be able to get lower premium rates.
Before you decide to raise your VA auto insurance deductible, consider your personal financial situation. You want to be sure that you don’t set the level so high it will wreak havoc with your budget if you have to make a claim.
Another important consideration before you raise the deductible on your Virginia auto insurance policy is whether the amount you will be saving on premiums is worth agreeing to pay a higher deductible. Make a point of getting quotes from a number of companies at different deductible levels so that you know exactly how your rates will be affected.
Once you have the numbers in hand, you can make the right decision about what deductible is right for you. If you are working with a tight budget and paying a higher deductible would be a problem, compare rates to find the insurance company that can give you the best pricing on one at a level you feel comfortable with.