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Insurance deductibles not going up with economy going down

Post by C.R. Roberts / The News Tribune on Aug. 29, 2008 at 3:49 pm with No Comments »
August 29, 2008 3:49 pm

Ask a question, get an answer.

Thinking about how people are handling the nervous economy, I wondered if perhaps there’s been an increase in insurance deductibles. If a policyholder increases the deductible amount, then the premium would go down – and I figured people might be looking for ways to lower premiums.

Not so – at least not yet.

I spoke with Karl Newman recently – he’s president of the Northwest Insurance Council – and he said he’d poll his member companies in the state.

I heard back today. Newman’s answer: “Our member company survey found that, so far, there is no trend toward insurance customers asking for higher deductibles. However, some did report more price shopping as customers compare prices with other companies to see if they can save money.”

That answers that. Anybody else have a question? I’ll be glad to ask around.

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