 | John Eck
is the owner of the ECK Agency, Inc., which is an independent insurance agency representing over 80 companies offering life, health, property & casualty insurance. Beginning his career in 1968, he is a Certified Insurance Counselor, a licensed Kansas insurance broker, and has held numerous positions with other related business ventures. Currently an active member of his local School Board, he has also held elected positions on the City Council and Hospital Board in past years. John can be reached at his office by phone at (800) 444-4911, or you may e-mail him at: eck@eckagency.com |
Insurance
2005-10-01 14:59:00
The insurance man - series
ANSWER: You can do one of two things: raise your deductible or drop your coverage. The deductible is what you pay out of your own pocket before your insurance policy kicks in. The higher the deductible, the lower your premium. For example, increasing your deductible from $200 to $500 on collision coverage could reduce your premium by as much as 30 percent, according to the Insurance Information Institute.Collision coverage is generally not worth purchasing on older vehicles with high mileage because if you ever file a claim for significant damages, your insurance company will likely declare your vehicle a total loss rather than fix it. That's because the cost of fixing your vehicle far exceeds its market value. The value you get for the vehicle in the total loss may not justify the premiums you pay for the collision coverage.
