Increasing the deductible on your insurance will decrease your monthly insurance bill. Car insurance and home insurance policies normally place your deductible as low as $250. While a low deductible means that you pay less out of pocket for accidents, it also means higher monthly payments. estimates that raising your deductible to $500 will save you 12% and to $1,000 will save you 24% A good rule of thumb is to keep your deductible at $1,000. If you have a well funded emergency savings account, you should be able to cover any small accidents under $1,000. Besides when your insurance company pays a claim, your monthly rates are likely to increase as well. Do you really want to pay higher premiums for a $300 incident?


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