- 1). Get a copy of your claims record from your insurance company. This will tell you how many claims you've made on your policy since you've had it in force. If you haven't been with your current insurance carrier for very long, it may be wise to get your claims record from a previous insurer as well.
- 2). Contact your insurance company and ask about the difference in your premium when you raise or lower your deductible. Increasing your deductible usually results in a lower premium amount since you agree to pay more for claims out of your own pocket.
- 3). Raise or lower your deductible accordingly. If your claims history indicates that you rarely or never file claims on your insurance, and you feel comfortable paying this money out of your own pocket, raise your deductible amount to the highest dollar amount you're capable of paying out of pocket should you have to file a claim. Lower your deductible if you find you can't afford your current deductible or you make many claims on your policy. This will increase your premium, but it may be worth the additional cost if you use your insurance frequently. Repeat this process for each insurance policy you have.
- 4). Pay your deductible. When you file a claim, pay your deductible amount directly to your service provider. For example, pay your co-pay or deductible amount directly to a health care provider. The insurance company will cover the remainder according to the terms of the policy you have.
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