View Single Post
Old 08-08-2008, 01:33 PM   #20
Speedy1975
FASTER!
 
Speedy1975's Avatar
 
Drives: 2009 Dodge Challenger
Join Date: Apr 2008
Location: Middle Tennessee
Posts: 1,398
Quote:
Originally Posted by GCguy2169 View Post
yeah, but the things is that when I get ins. I try to get the lowest deductible I can. That raises the payment, but saves you from dishing out that $1,000 for repairs in the case you didnt have it.
To each their own, but ......

You're chances of using the insurance are lower than the amount you'd save with the higher deductible. It's something I learned a while back looking at finance efficiency and budgeting and something Dave Ramsey teaches in his seminars as well.

Right after I learned about it I changed all my ded's to $1000. Take the money you save on the insurance drop it into a saving account drawing interest and make money on top of the savings. Otherwise at the end of the 6 mos or 1 year ins term, you've paid a higher deductible and if claim free you've thrown money away. Also, in a fender bender the repairs are likely less than $1000 so you're less likely to use your ins in turn keeping your rates lower in the long term.
__________________
-Speedy
2009 Challenger R/T
- Arrington Forged 6.0L and Magnacharger Supercharger - 553RWHP 627RWTQ

Speedy1975 is offline   Reply With Quote