Deductible is Worth More Than You Think
A deductible is a set amount that you will need to pay toward the cost of vehicle repair or replacement when you lodge a claim. Most insurance policies already have a standard amount that the policy-holder is responsible for, but if you choose to raise this amount it could save you money. An example of this is where your deductible on a standard policy is $100 per claim; you could nominate that you are prepared to pay $200 or $500 per claim. This could reduce your premiums as the risk to the insurer is lessened. Another benefit to the insurer is that you might not claim for smaller losses, due to the fact the out-of-pocket expenses involved leave only a small amount which may be covered by insurance. Choosing not to claim may work in your favor when your next renewal is calculated, since your claims history is used as a factor in determining premiums.
This could be a very sensible approach to insurance. Adopting a higher deductible also works in the same manner for some other types of Missouri insurance and is well worth investigating.