Minimum deductible?

by Guest » Fri Mar 14, 2014 09:58 am
Guest

I don't have enough money to keep paying my student loans and auto loan payments. Moreover, I also have to take out an auto insurance for my vehicle. Could you please tell me about the minimum deductible amount that I can pay my lender in order to take out an auto insurance within my affordability?

Total Comments: 4

Posted: Fri Mar 14, 2014 12:39 pm Post Subject:

Actually I think you are looking for the _maximum_ deductible you can have, not the minimum. Call your lien holder and ask. Usually it's $500. Slightly higher deductibles usually don't change premiums by very much. You can try reducing your liability limits to the minimum. Speak to your agent about this.

Posted: Sat Mar 15, 2014 01:59 pm Post Subject:

I don't have enough money to keep paying my student loans and auto loan payments. Moreover, I also have to take out an auto insurance for my vehicle.

Perhaps it's time to sell the car and take the bus until you have the money to be able to afford life in the real world.

Driving in today's world with only minimum liability coverage is not the most responsible thing to do. How much harder will your life be if you have to pay for someone's injuries on top of student loans, auto loans, and minimum limits insurance?

Posted: Sat Mar 15, 2014 03:13 pm Post Subject:

I'd say minimum limits are just fine for those that have no assets. More money just means your carrier pays more when you cause an accident. Attorney's won't go after a person directly unless they have some quick assets to seize.

Posted: Sat Mar 15, 2014 08:57 pm Post Subject:

But it forces you and me to have to carry high limits on UM.

Add your comment

Image CAPTCHA
Enter the characters shown in the image.