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Creating an Auto Insurance Deductible Plan

One of the quickest and easiest ways to decrease the cost of an auto insurance policy is to increase the amount of the deductible that must be paid out for each claim.  The problem with this plan for most people is that the deductible amount is not available if an accident does occur.  Create a plan to build up your deductible before you make the switch.

1.    Set aside just $30 each week into a new savings account.  You could cut out one family dinner out or an evening out at the movies.  Saving $30 each week will allow you to build up a $1500 deductible in just under a year.
2.    Cut out your cable for a time.  Cable costs have gotten expensive.  Eliminating cable and shifting that money to a savings account will give you almost $1000 towards a deductible in just a year.
3.    Turn off the phone.  Getting rid of your land line or your cell phone will help you save almost $1500 in just a year.  Plus you will find that things are much quieter in your home.
4.    Sell it off.  Just selling a couple of those items that you never use or wear (like that piece of jewelry or that car or other toys that you don’t use regularly).  You might be able to set aside enough for your deductible and a nice little nest egg as well.

Just one cut is really all it takes to get your deductible payment built up.  You could combine ideas and only do them for a few months to make the process go faster.  But if you are going to raise your deductible you need to be sure that you have the money set aside to meet that deductible.