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Higher deductibles help cut homeowner and auto insurance rates Honolulu Star-Bulletin

31.05.10

If you've thought about cutting back on insurance expenses during the recent economic downturn, you're not alone.

According to a 2009 study by the Insurance Research Council, 28 percent of those with auto insurance coverage reported shopping for lower rates when they normally would not have done so. It's among the top five ways to reduce expenses, the others including cutting back on entertainment, vacation, appliances and preventive health care.

"Nobody is exempt from this difficult economy," said Linh DePledge, vice president of sales and marketing at DTRIC Insurance, a local provider of auto, homeowner's and other types of insurance.

A common way to avoid higher premiums is to increase your insurance deductible. That means agreeing to take more financial responsibility for a claim, cutting costs to the company because they will have less to pay out.

Among those with auto or homeowner's insurance, 15 percent said they had increased their insurance deductibles or reduced the amount of coverage in order to reduce premium costs, according to the Insurance Research Council's survey.

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