For late model car owners – you might only want to carry collision and comprehensive coverage. What is Collision Coverage you ask? Collision coverage insurance pays to repair your vehicle when and if you are ever involved in an auto accident. It also pays no matter who was at fault.

What is Comprehensive Coverage you ask? Comprehensive insurance pays to repair your car when it’s been damaged by fire, vandalism, theft, or other freak acts of mother nature.

How can you save money on collision and comprehensive coverage? By far the easiest way is to carry the highest deductible that you can afford. The deductible amount is the part of the repair cost that YOU will pay for. Raising your deductible from $250 to $1,000 can save you up to 55% on your insurance premium.

Say your car needs $2500 in body repairs after an auto accident. If you carried a $1000 deductible you will be responsible for $1000 and the insurance company would pay the remainding $1500…..and all other costs that might be un-covered during the repair process.

Doesn’t sound like a good deal to you? The amount of money you will save on your annual insurance premium for having a high deductible will more than off set your $1000 deductible pay out in 2-3 years of time.

Personal injury protection insurance is something you might also want to consider as well. What is Personal injury protection you ask? This pays for medical expenses for you and passengers in your vehicle if you’re ever involved in an car accident. It will also pay medical expenses for you and your immediate family if you are ever injured in someone else’s vehicle or when you’re walking or riding a bicycle….don’t laugh this happens quite often.