Based on Floridas basic car insurance coverage if i have a deductable of 100. should i increase it to 500 why

Question

will increasing the deductable to 500. save on my monthly insurance and can i apply the savings towards increasing my liability limits. Please explain why

Answer 1

Yes, your premium will be reduced. If you increase your liability coverage your premium will go up. It could offset.

If you have minimum liability limits in Florida (10k/20k bodily injury and 10k property damage) I'd recommend increase them. Repairing a car can easily be $5k these days. If you hit 2 cars.... easily your $10k limits. Also, it's easy for someone to rack up $20k in medical bills (their $10k in PIP and your $10k in bodily injury coverage). It usually does not cost much to increase those limits. You should at least look into the cost.

Answer 2

It depends on the car.  For the most part you'll save money by increasing the deductible but if the car is old then you won't notice much of a difference.  If you go to your insurance company site you should be able to get quotes on what changes to your policy will do.

A site I've recommended in the past would be...

http://insurance.123thebest.info/

Hope that helps.

Answer 3

Yes it will save you some money !  But why would you want to increase your liability ? Are you asking if you increase your deductible to 500.00 and apply it to more coverage ? Well why ? It don't make sense to do that unless you plan on having alot of accidents ! Use the savings for gas !!!!