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Raising Deductible on Collision

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rjordan392

Member
What is the name of your state? Pa.

Hello,
I tried to raise my deductible from $500.00 to $1500.00 to lower my auto premium and learned that the insurance company would only allow me a $1000.00 deductible on collision. The company is "Liberty Mutual".
The vehicle is worth about $26,000. Would anyone know if other insurance companys allow higher deductibles to $1500.00 or more on collision?
 


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rjordan392

Member
Teflon,
I have a loan on it. In four more years, I will own it. But by that time I may decide to drop collision altogether if insurance rates continue on double digit increases. As with many others in my age group (65 years) we are on fixed incomes and every year we have to pay more on everything. Moving into another neighborhood that is nor redlined is my only option, I guess.
I tried to persuade the insurance company to reconsider as my driving record is excellent with no chargeable accidents to my name in 43 years of driving. I just turned 65 and that put me into a higher risk group as explained by the company.
 
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InsuranceLadyAZ

Member
rjordan392 said:
Teflon,
I have a loan on it. In four more years, I will own it. But by that time I may decide to drop collision altogether if insurance rates continue on double digit increases. As with many others in my age group (65 years) we are on fixed incomes and every year we have to pay more on everything. Moving into another neighborhood that is nor redlined is my only option, I guess.
I tried to persuade the insurance company to reconsider as my driving record is excellent with no chargeable accidents to my name in 43 years of driving. I just turned 65 and that put me into a higher risk group as explained by the company.
Click to expand...
Read your loan paperwork. It should indicate the max deductible allowed. On my loan it is $1,000 - although I carry a much lower one than that.
 
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rjordan392

Member
Insurancelady,
I checked my loan agreement and it says I must carry a deductible of no more then $500.00 for collision and comprehensive. That knocks me out of the box in trying to lower my premium by raising it to $1000.00. I did call my credit union and they stated that I could carry a deductible of $1000.00 but that contradicts my loan agreement. I will let this play out between my insurance and them as the Insurance company already agreed to give me the $1000.00 deductible. I put a large down payment on the new vehicle and there is no risk to the credit union and it may stop anyone from raising their eyebrows.
 
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