>>>>>>>The advice to check into your insurance deductibles and increase them *can* make good economic sense. My personal experience has been that the savings are significant. If increasing your insurance deductible from $250 to $1,000 saves you $150, that’s 20% of the difference. Or said another way, you’d break even in five years even if you were to have a claim. When was the last time you actually had an insurance claim anyway?
As soon as I pay a car off I drop the collision coverage. I am 12 years to the good on current 1993 Honda with 170K miles.
(knock on wood)
Just doesn’t make sense unless you hagve a note on the car and are forced to have the coverage.
The case for hiking your deductible on your house is compelling. The insurance companies will drop you if you have a claim, so best to use it only if you suffer a catastrophic loss. So why pay for a $250 deductible if you would be crazy to put in a small claim?