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5 Things You Can Do to Lower Your Auto Insurance Rates

Increase the Deductible

One sure-fire way to save money is to increase the deductible. That's the amount a person pays before their insurance kicks in. For example, many years ago, I pulled into my mother's driveway at 2 a.m. and slammed into her statue of the Virgin Mary, which was shrouded in a grotto of rocks. Yes, I'm going to hell, but worse, I did $1,000 worth of damage to my baby -- the Mad Mustang. I stupidly tried to back off the rocks. My deductible was $500. Insurance paid for the balance.

By increasing your deductible to a princelier sum, your insurance premium will drop. That's because you're assuming a larger share of the financial responsibility [source: Car Insurance Rates] Think twice before increasing your deductible. Make sure you can afford the additional money. Also, consider your driving record. If you are accident-prone, it's probably not a good idea to increase your deductible [source: Car Insurance Rates].