Quick Millennial Money Tip | Raise Your Car Insurance Deductible

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I'm introducing a new segment to the channel: Quick Millennial Money Tips! In roughly 2 minutes or less, I want to give millennials a quick money tip to help you live a debt free life.

My first tip is all about increasing your car insurance deductible to $1,000. The more you pay out of pocket, the lower your premium will be.

You can do this for both comprehensive and collision.

I used a tool called Gabi that helped me do a quick comparison to make sure I was getting a fair deal. This one was recommended to me by Budget Girl. You can check out her review of the tool as well!

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😮 GET MULTIPLE CAR INSURANCE QUOTES WITH GABI:

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Disclosure: The links contain affiliates. When you buy through one of my links, I will receive a commission. This is at no cost to you and helps support my channel!
  1. Debt Free Millennials
  2. car insurance
  3. cheap car insurance
  4. car insurance explained
  5. save money
  6. insurance rates
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Комментарии
Автор

Raising car insurance deductible" is really amazing and useful video to all viewers... thanks for sharing such an impressive video.

AnjaliDas-bwrk
Автор

I did a cost/benefit analysis on mine. By increasing my deductible from $500 to $1000, it reduces my premium by $100/year. That means in order to end up financially better off by increasing my deductible I am betting that I wont have an accident for 5 years. Increasing my deductible to $700 reduced my premium by $50 which gave a ratio benefit of 4 years which was a better option for me.
It pays to look into your specific circumstances and your risk tolerance (and consider honestly your driving skill) when deciding what deductible/premium balance is right for you

alymj
Автор

Applies to home owners insurance as well! 💪🏻🔥🔥🔥

QuesttoFIRE