Quick Ways to Secure an Insurance Deductible When You Need it

Insurance provides you with peace of mind. Whether you’re referring to insurance for your house, car, or business, it protects you from having to cover the costs of unforeseen circumstances. Choosing the right policy will ensure that when trouble arises, you’re financially protected and things are restored to new as quickly as possible. However, in order to reap the benefits of most insurance policies, you’ll need to pay the deductible first.

Most consumers don’t think about the insurance deductible until they’re in the midst of trouble. In fact, many personal finance posts would suggest increasing the deductible in order to save on the annual premium. Yet, when you’re in a car accident, a tree falls on your roof, or a disgruntled customer decides they want to sue you, if you don’t have that deductible upfront, your insurance provider isn’t going to provide the financial coverage you anticipated.

With many deductibles costing an upwards of $250, it’s probably a good idea to have quick solutions to secure the cash. Here are some tips.

  • Ask friends and family – If your deductible is a small number, you may be able to ask a few friends and family members for the cash until you’re able to repay them.
  • Take out a loan – you don’t have to have stellar credit to apply for bad credit personal loans. They don’t require a credit check, are easy to apply for online, and can be deposited into your account within a business day. This, in turn, gives you more time to repay the funds to the lender while your insurance company takes care of the rest.
  • Sell old phones – new cell phones come out all the time. Which means you probably have two or three old models sitting in your house that aren’t being used. Turn them in at certain kiosks and you could get money on the spot.
  • Sell some jewelry – if you live near a cash for gold jeweler or a pawn shop, you can get money to pay your deductible fairly easy. Simply take your old and damaged jewelry to be appraised and you could get a decent value for it.
  • Junk your car – Got an old car sitting in your garage that no one uses? If so, you can quickly turn it into cash. There are auto recyclers that will come tow the car away for free and pay you cash for the car’s weight in recycled materials.
  • Dip into your emergency savings – if you have a rainy day fund then you should certainly dip into it. This would classify as an emergency since if you don’t pay the deductible, you’ll be on the hook for thousands of dollars in damages and associated costs.

When things go wrong in life, insurance policies are a great product to have invested in. They can provide financial coverage for things you wouldn’t otherwise be able to afford on your own. Before you file a claim through your home, car, or business insurance company, make sure that you have accumulated enough cash to pay for the deductible. Each of these ideas is quick, painless, and it can get you cash in hand the same day.

 

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