Quick Finance Tips | Tip and Tools for Managing Your Personal Finance

As we all look to save money during these difficult economic times, here are a couple of suggestions you may wish to consider.

There is a TV ad for an insurance company that offers tailored-made deductibles for your car insurance.

What is your current comprehensive deductible on your car?  By raising the comprehensive amount, you can save a few hundred dollars in the long term.

What about collision?  Are you carrying the minimum?  If so, you may wish to increase this amount as well and enjoy a significant savings on your car insurance.

Experts suggest that by increasing both collision and comprehensive deductibles to $500 and $1000 respectively may save you up to 40% savings annually.

Another area in which you can save money is by increasing the deductible on home insurance.  Again, the higher the deductible, the lower your premium will be.

According to experts, while most policies offer a $250 deductible, by increasing this amount to $500 you can save about 10% on your premium.  Moreover, if you increase the deductible to $1000, the savings will also increase.

Statistics show that car accidents occur within two miles of one’s home.  Isn’t it a good idea to carry a higher deductible for collision on your car?  The last thing you can afford is to pay for damages in case of an accident.

What if your home is burglarized?  Do you have enough coverage on your homeowner’s insurance to cover the losses?

The money you save by increasing deductibles on both your car insurance and homeowner’s insurance can be immeasurable.  The savings can be utilized for the soaring prices of gas or saved for other debts you may have incurred.

For those of you who own a Honda or Toyota, you know full well the cost of repairing any damage to these vehicles.  Ensuring that your insurance fully covers the rising costs of repairs is easy to do and can alleviate the burden of your having to use your savings.

Check your automobile policy and determine if it is feasible for you to raise the deductibles.  Check your homeowner’s policy as well.  You will not only save money in the long run, but you will have peace of mind as well.