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Raising Your Deductible
Adjusting your deductible is another strategic way to lower your insurance costs. By opting for a higher deductible, you agree to pay more out-of-pocket in the event of a claim, which can lower your monthly premiums. For example, increasing your deductible from $500 to $1,000 could save you as much as 25% on your premium4. However, it's important to ensure that you're comfortable with the higher deductible amount in the event of a claim.