If you're involved in an auto accident and file a claim, you'll most likely need to pay a certain amount of money -- your deductible -- before your insurance company will pay the rest of the bill. Common deductible amounts are $0, $100, $500, $750, $1,000 and $1,500 [source: Car Insurance Rates]. You can lower your premium (your annual or semi-annual insurance payment) by raising your deductible. Carrying a higher deductible in exchange for a lower insurance premium can be a wise move, because you may never get in a car accident. However, just make sure you don't set your deductible so high that if you are in an accident, you can't afford to pay it -- because if you can't pay the deductible, your vehicle won't be repaired.