I was talking to my friends and he was told by his agent that if he pays a higher deductable his ins would be lower. Does this make any sense.

 

yes. the higher he will be responsible for, the less the insurance will have to pay incase of something happens..

if is deductable is $500 that means your responsible for 500 of the total price. $500 less the insurance has to pay towords damages, hence...lower premium, smaller payments

 

Correct, however if the car is financed through a bank, some financial institutions will set a limit on how much of a deductable you can have, $500 hundred seems to be the norm...

 

true, i have $100 deductable for both my cars. my insurance can let me go up to $1000 on my maxima (Credit Union) but only up to $500 on my magnum (Chrysler Financial)... depending on the financial instatution and insurance company.

strange that the more expensive car has a lower max deductable. meaning if its in an accedent it will cost them a hellof a lot more... knock on wood that wont happen, but then again....my wife is driving it... hahahah

 

Ok because I am paying $1000 deductable and $300 a month. Would it be wise to raise it more on a 5 yr old car

 

i personally never heard of a deductable of over $1000.

 

NY may have higher insurance rates. so i am not sure.. i am only paying around 177 a month for 2 full coverage cars and one truck with just liability and after looking at my policy i have a mixed deductable $100/$500..

 

Is that full coverage with a clean record?

At 30, age shouldn't be a factor anymore.

NYC insurance is normally high though.

 

I would normally say, change to just liability and put to difference in a savings account. But you live in Brooklyn, too much car thefts and accidents there. That is why Brooklyn has some of the highest insurance rates.

 

Yes that is full coverage.

My agents says to move out of the city and I tell her you got a place for me.

 

can you shop around for better prices? there has to be competition for insurance in your area

 

yeah she is looking for me

Also you have to remember in the city (5 boro) it is high anyway

 

i'm in nj, got into one small fender bender, n one car totalled. i'm paying $300 a month with no full coverage. i was payin $400 a month before. If you don't think that your car is worth it, then don't get full coverage. i don't have it because i bought the car for kinda cheap in a way. so it be pointless if i had full coverage, plus i have no clue how much it would cost for me to put full coverage on my car..

 

Most all insurance companies have web sites that you can get a free quote from, shop around, the money you save may just be your own...

 

this is true becasue I called my agent and now I will be with progressive for 206 a month full coverage. Thats a 100 saving a month