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Increasing Your Deductible

Increasing your deductible is one way that you may be able to save on your teenage auto insurance policy.

Your deductible is the amount of money that you are responsible for paying when you need to use your auto insurance coverage. For example, if you are in an accident and need to have your car repaired and your deductible is five hundred dollars then you will have to pay five hundred dollars towards the repair and your auto insurance policy will then cover the remainder of the expense.

So how does having a higher deductible save you money? Well, the higher your deductible is, the lower your premium will be. Your premium is what you pay for your auto insurance coverage. You may pay monthly, quarterly or yearly. Since the auto insurance company will have to pay less when you are in an accident if you have a higher deductible, it only makes sense that the amount you pay for your coverage on a regular basis will be lower.

The key to choosing the right deductible is choosing one that lowers your premiums considerably, but that you can still afford to pay should you need to use your auto insurance coverage. Never choose a deductible that is outside of your budget.

Increasing your deductible can be a great way to save on teenager car insurance. Compare teenager car insurance policies now by using our free teen auto insurance quote finder!

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