While most people strive to keep their car insurance deductibles as low as possible, the downside is those deductibles result in higher premiums. But for folks who drive limited miles, safe motorists, and those who drive older vehicles that have lost most of their value, it usually makes sense to get the highest deductible one can reasonably afford. That’s because higher deductible policies offer lower premiums that, over time, can result in significant cost savings.
The bottom line: Remember, car insurance isn’t intended to cover minor fender benders — it’s designed to protect you from losses you can’t afford to replace.
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