{"id":82107,"date":"2014-09-24T08:17:29","date_gmt":"2014-09-24T12:17:29","guid":{"rendered":"http:\/\/www.thedetroitbureau.com\/?p=82107"},"modified":"2014-09-24T08:17:30","modified_gmt":"2014-09-24T12:17:30","slug":"increasing-insurance-deductibles-nets-big-savings","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2014\/09\/increasing-insurance-deductibles-nets-big-savings\/","title":{"rendered":"Increasing Insurance Deductibles Nets Big Savings"},"content":{"rendered":"
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Looking to save a few bucks on your new Mustang? Change your deductible.<\/figcaption><\/figure>\n

Americans will drive a few miles out of their way to save a couple of cents per gallon on gas and fastidiously check the air pressure in their tires to improve mileage to save a buck or two, but many fail to take advantage of a simple way to save money: raise the deductible on their car insurance from $500 to $1,000.<\/p>\n

Car owners save an average of 9% on their premiums with that change, according to insuranceQuotes.com. The savings jump to 16% if they change it from $500 to $2,000. The changes do vary by state: Massachusetts gives the biggest break at 19% for making the $500 change while Michigan provides the smallest cut at just 4%.<\/p>\n

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Muscling Up the News!<\/figcaption><\/figure>\n

\u201cIt\u2019s very interesting to see that in some states raising your deductible gives you a huge savings and in others it barely moves the needle,\u201d said Laura Adams, senior analyst, insuranceQuotes.com.<\/p>\n

\u201cIn some states, you can save hundreds of dollars each year by signing up for a higher deductible, but in others, the reward is so small that it doesn\u2019t make sense to risk the higher deductible. This is a good reminder that doing a little research and knowing what\u2019s available to you can really pay off in the long run.\u201d<\/p>\n

Other states providing decent rate drops include South Dakota at 14% and Kansas, Wyoming and Iowa all at 13%. Running with Michigan at the bottom of the list are Florida with just a 5% savings and Louisiana, North Carolina and Nevada at 6%.<\/p>\n

The result for Michigan isn\u2019t much of a surprise as the state has one of the average highest insurance premiums in the country. It\u2019s not that Michigan drivers are so bad, but there are a few quirks that drive the prices up.<\/p>\n

(VW gains edge over rivals in China. For more, <\/em><\/strong>Click Here<\/a><\/span><\/strong>.)<\/em><\/strong><\/p>\n

“Michigan is the only state where car insurance includes unlimited personal injury protection,” Adams said. “Also, Detroit has a very high percentage of uninsured motorists \u2014 as high as 50% by some estimates. That unfortunately raises rates for those who do have car insurance.”<\/p>\n

(<\/em><\/strong>Click Here<\/a><\/span><\/strong> for details on the first cuts for car and truck of the year.)<\/em><\/strong><\/em><\/strong><\/p>\n

Detroiters pay 165% more than the average driver in the U.S.: the highest rate in the nation and Grand Rapids, the state\u2019s second-largest city, was third nationally, according to the website NerdWallet.com. The National Association of Insurance Commissioners claims the average annual cost of car insurance nationwide was $797 in 2011, the most recent figures available.<\/p>\n

(To see Infiniti\u2019s new Q80 Inspiration flagship, <\/em><\/strong>Click Here<\/a><\/span><\/strong>.)<\/em><\/strong><\/p>\n

Nerd Wallet also suggests that most people in the U.S. are paying too much for their insurance: to the tune of $368 per year. Many of the savings can be found by comparison shopping and little-known discounts based on where you work, what kind of vehicle you own and even the owner\u2019s alma mater.<\/p>\n","protected":false},"excerpt":{"rendered":"

Americans will drive a few miles out of their way to save a couple of cents per gallon on gas, but many fail to take advantage of a simple way to save money: raise the deductible on their car insurance from $500 to $1,000, according to insuranceQuotes.com. For more details about how to save money, please go to TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":81864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[8],"tags":[],"make":[],"post-state":[],"category_old":[151],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/82107"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/4389"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=82107"}],"version-history":[{"count":0,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/82107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/81864"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=82107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=82107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=82107"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=82107"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=82107"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=82107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}