Higher Car Insurance Deductibles Can Bring Big Savings, But It Depends Where You Live
Massachusetts Drivers Can Save 19%
San Francisco – September 24, 2014 – Nationally, Americans can gain big savings (9%) on their car insurance premium by increasing their deductible from $500 to $1000, according to a new report by insuranceQuotes.com. Increasing the deductible from $500 to $2000 will bring the average US savings up to a whopping 16%.
How much money an individual can save varies greatly by state. The largest increase can be found in Massachusetts, where the average jumps to 19% when the deductible is increased from $500 to $1000. Other states that offer big savings to their drivers for choosing a larger deductible are South Dakota (14%), Kansas (13%), Wyoming (13%) and Iowa (13%).
The smallest differences were noticed in Michigan (4%), Florida (5%), Louisiana (6%), North Carolina (6%) and Nevada (6%).
“It’s very interesting to see that in some states raising your deductible gives you a huge savings and in others it barely moves the needle,” said Laura Adams, senior analyst, insuranceQuotes.com. “In some states, you can save hundreds of dollars each year by signing up for a higher deductible, but in others, the reward is so small that it doesn’t make sense to risk the higher deductible. This is a good reminder that doing a little research and knowing what’s available to you can really pay off in the long run.”
Click here to view the average premium savings in all 50 states and the District of Columbia:
insuranceQuotes.com and Quadrant Information Services calculated rates using the data from the largest carriers in each state. The averages are based on a married and employed 45-year-old female who drives 12,000 miles per year with policy limits of $100,000 for injury liability for one person and $300,000 for all injuries. Collision and comprehensive coverage policies were rated with the following deductibles: $250, $500, $1000, and $2000. The hypothetical driver has a clean driving record and good credit.
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Senior Analyst, insuranceQuotes