Direct answer
Yes, increasing your deductible typically lowers your monthly premiums because you are agreeing to pay more out-of-pocket in the event of a claim. However, it only makes financial sense if you have enough savings set aside to cover that higher deductible if an accident occurs.
Standard actuarial pricing models used by major insurance underwriters. For a broader understanding of how risk factors influence policy premiums, see the National Association of Insurance Commissioners‘ consumer resources.
What this means for you
Yes, increasing your deductible typically lowers your monthly premiums because you are agreeing to pay more out-of-pocket in the event of a claim. However, it only makes financial sense if you have enough savings set aside to cover that higher deductible if an accident occurs.
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