Latest news with #Geico
Mint
2 days ago
- Business
- Mint
Replacing Warren Buffett's insurance mastermind is Berkshire's next succession mystery
Now that Warren Buffett has said Greg Abel will succeed him as Berkshire Hathaway's CEO at year-end, Berkshire watchers are turning their attention to a different succession mystery: Who will fill Ajit Jain's shoes? For nearly four decades, Jain has been the brains behind Berkshire's insurance powerhouse. Its profits have helped Buffett expand his conglomerate and seed his stock portfolio. A risk-pricing mastermind, Jain has crafted policies insuring Chicago's tallest building against terrorist attacks, Pepsi against having to award a $1 billion raffle prize, and baseball teams in the event that star players such as Alex Rodriguez got hurt. Along the way, he has made Berkshire billions of dollars. 'Even kryptonite bounces off Ajit," Buffett once wrote. But Berkshire's man of steel (and statutory accounting) is now 73, and last year Jain said he gave Berkshire's board a shortlist of possible successors. Whoever follows Jain will inherit a business in transition. New competitors are moving in. Berkshire's biggest insurance moneymaker in recent years has been auto coverage. Buffett and Jain declined to comment for this article, and Berkshire hasn't disclosed the names on Jain's list. But insurance-industry insiders have some ideas. Joe Brandon, CEO of Alleghany Brandon, 66, is on his second stint at Berkshire after the company's 2022 purchase of Alleghany, a Berkshire-like conglomerate whose business spans insurance, steel fabrication and Squishmallow plush toys. He 'understands both Berkshire and insurance," Buffett said at the time of the purchase. Brandon also spent seven years running General Re, one of Berkshire's major providers of reinsurance, or insurance for insurance companies. He resigned in 2008 after federal prosecutors pressured Buffett to let him go following fraud convictions of four other former Gen Re executives. Brandon was never charged. Todd Combs, CEO of Geico Combs, 54, already has two jobs: heading Geico and helping manage a portion of Berkshire's investment capital. In five years leading the nation's third-largest auto insurer by premiums, Combs has modernized Geico's use of technology and shored up earnings and reserves. Buffett recently called the improvement 'spectacular." Combs also has a record of Berkshire-like returns and Berkshire-style humility. He earned a net cumulative 34% while running a hedge fund from 2005 to 2010, a financial crisis-era period when the S&P 500 produced 1.15%. Still he maintained such a low profile that when he accepted an investment manager job at Berkshire, the media couldn't find a photo of him. Combs's experience insuring more unusual and expensive risks is limited, however, and some analysts believe his money management responsibilities could expand when Buffett retires. Peter Eastwood, CEO of Berkshire Hathaway Specialty Insurance Since Buffett coaxed him away from AIG more than a decade ago, Eastwood, 58, has added a new arm to Berkshire's commercial insurance operations, building property-casualty insurer BHSI from scratch. The company started in 2013, turned a profit within 15 months and has since built up more than $15 billion in reserves, according to a person familiar with the company. Buffett has called Eastwood's hiring 'a home run," and BHSI now has offices across the U.S., Europe, Asia and Australia. Still, it is a smaller proving ground than some of the other companies in Berkshire's insurance empire, such as National Indemnity Company and Gen Re. Kara Raiguel, CEO of General Re Jain once called Raiguel, 52, his 'secret weapon." Practically a Berkshire lifer, she spent more than a decade working closely with him at Berkshire Hathaway's reinsurance division in Stamford, Conn., helping evaluate some of the company's biggest bets. Raiguel took over Gen Re in 2016 and reserves have swelled. Ratings firm A.M. Best said in November Gen Re has taken 'significant" actions toward bringing the prices policyholders pay better into line with the risk the firm takes on. Jain, who works from Berkshire's reinsurance offices in Stamford, hasn't said how long he plans to remain in his role. He grew up in India, earned an engineering degree and then sold early IBM computers before moving to the U.S. to attend Harvard Business School. Jain was still in his 30s, with no experience in the insurance industry, when Buffett hired him in 1986. Within six months, he was running Berkshire's entire reinsurance business. He soon became known in the industry for his warm manner, his close listening ear and his willingness to say no if he can't make money. Jain's meticulously priced deals brought in big lump sums, well beyond what Berkshire was getting from Geico's plain-vanilla auto insurance business. There was enough cash to pay claims and plenty left over for Buffett to deploy. Most hotshot investors have to ask people for money; Berkshire just collects insurance premiums. That is why Buffett once advised shareholders—in the event of a shipwreck where they could rescue only one drowning Berkshire executive—to 'swim to Ajit." Over the past decade, pension funds and other catastrophe bond investors have been displacing traditional property and casualty reinsurance capital, while private-equity firms have pushed into life insurance and annuities. Jain and Berkshire adapted by building out commercial insurers like Eastwood's group and by whipping Geico into shape. The auto insurer's underwriting earnings have outpaced all of Berkshire's other insurance businesses combined for the past two years running. For Jain's successor, the most important quality to replicate may be not his knack for making money but his talent for not losing it, said Christopher Bloomstran, chief investment officer of Semper Augustus Investments Group, a Berkshire investor. No other firm has the same capacity to pay for disaster recovery or bail out an underwater insurer. As long as Berkshire's next insurance chief is also comfortable saying no, the cash pile Jain helped build—arguably his most important contribution to Berkshire—will long outlast him. Jain 'is unique," said Stephen Catlin, executive chairman of the specialty insurer and reinsurer Convex. 'He will be a very hard act to follow." Write to Heather Gillers at
Yahoo
3 days ago
- Automotive
- Yahoo
Cheapest Car Insurance in Georgia (Only $24 a Month!)
TAMPA, Fla., May 31, 2025 /PRNewswire/ -- Geico and State Farm tie for the cheapest car insurance rates in Georgia, according to a recent report published by The list of the top 10 cheapest car insurance providers and monthly rates is as follows: Geico – $24 AAA – $29 Erie – $37 State Farm – $43 Travelers – $44 Progressive – $46 American Family – $50 Farmers – $60 Allstate – $66 Liberty Mutual $106 In addition to offering lower prices, Geico is a top contender in Georgia due to its excellent financial rating and user-friendly mobile app. Car Insurance Requirements in Georgia Georgia residents are required to have a car insurance policy when driving on public roadways. The state has determined minimum requirements that all drivers must have. Bodily Injury Liability – $25,000 per person and $50,000 for multiple people per accident Property Damage Liability – $25,000 Uninsured/Underinsured Coverage – $25,000 per person and $50,000 for multiple people per accident Melanie Musson, a nationally recognized car insurance expert with urges readers to remember, "Georgia's minimum auto insurance requirements are insufficient for real-life risks. Additional liability coverage is often surprisingly affordable, so drivers should consider carrying higher limits." Finding Cheap Car Insurance in Georgia list of cheapest insurers provides a glimpse of average rates. Individual drivers face specific risks that affect their premium payments. Discounts provide another avenue of savings. Usage-based policies can result in a discount of up to 30%, depending on the company and the driver's habits. Other discounts include military, good student, bundling, and safe driver. Increasing deductibles is another way to save on premiums. Drivers can pay lower monthly premiums by raising their deductibles. Factors Impacting Premiums in Georgia Many factors that affect car insurance rates in Georgia are the same as in any other state, including: driver age, vehicle make and model, and driving history. The driver's address also impacts premiums. Drivers in urban areas tend to pay higher rates than drivers in rural parts of Georgia because the risk of being in an accident and filing a claim is higher in bigger cities. Find out more by reading entire report here: Cheap Car Insurance in Georgia for 2025 (Save With These 10 Companies). View original content to download multimedia: SOURCE
Yahoo
25-05-2025
- Automotive
- Yahoo
Warren Buffett Was Asked If Self-Driving Cars Will Shift Insurance To 'Product Liability' — 'There's No Question... It's Going to Change Dramatically'
As self-driving cars inch closer to the mainstream, one of the biggest unanswered questions isn't just how they'll navigate traffic—but how they'll reshape risk. If there's no driver behind the wheel, is it still "driver error"? And if the software crashes, will the insurer or the carmaker pick up the tab? Earlier this month at the Berkshire Hathaway (NYSE:BRK, BRK.B)) annual shareholders meeting, that question was posed to Warren Buffett and Ajit Jain, the company's vice chairman of insurance. "Wouldn't what we call auto insurance today just become product liability for autonomous vehicles and autonomous software companies?" the attendee asked. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Ajit answered first, laying it out clearly: "There's no question that insurance for automobiles is going to change dramatically once self-driving cars become a reality," he said. "Most of the insurance that is sold and bought revolves around operator errors... To the extent these new self-driving cars are more safe and are involved in fewer accidents, that insurance will be less required. Instead, it'll be substituted by, as you mentioned, product liability." He confirmed that Geico and other insurers are already trying to prepare for the shift—from covering human mistakes to covering technology failures. "We move from providing insurance for operator errors and be more ready to provide protection for product errors and errors and omissions in the construction of these automobiles," he said. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Buffett followed up with a bigger-picture take on how Berkshire thinks about change—across all its businesses. "We expect change in all our businesses," Buffett said. "If the game didn't change at all, it really wouldn't be very interesting." He compared the need for change to sports: if every swing in baseball resulted in a home run, or every golf shot became a hole-in-one, the game wouldn't be worth playing. Challenges keep it engaging—and thinking through those challenges is part of what keeps companies and people sharp. "Your brain would turn to mush if you didn't have a few problems now and then," he added. Buffett acknowledged that while auto insurance will change, it's striking how little it has changed so far. He noted how transportation itself evolved drastically over the last two centuries, and no one really knows how it will look in the next hundred while driving deaths have dropped dramatically—from six per 100 million miles driven to just over one—insurance costs have skyrocketed. He recalled walking into Geico's office in 1950 when the average policy cost was "around 40 bucks a year." Now? It's not unusual to see policies climb into the $2,000+ range—and higher in urban areas. Jain chimed back in with one more important point: autonomous driving might reduce accidents overall, but it doesn't mean insurance will get cheaper. "The number of accidents will drop dramatically because of automatic driving," he said. "But on the other hand, the cost per repair every time there's an accident will go up very significantly because of the amount of technology that's going into the car." So while Geico and others may sell fewer policies for human error, the cost of insuring the tech itself could be just as complex—if not more. Buffett closed the conversation with a philosophical note about change and uncertainty: "You deal with the world as it develops. You never reach an answer in this business—you reach a point of action that you take." Read Next: Maximize saving for your retirement and cut down on taxes: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Midjourney UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Warren Buffett Was Asked If Self-Driving Cars Will Shift Insurance To 'Product Liability' — 'There's No Question… It's Going to Change Dramatically' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
CNBC
19-05-2025
- Automotive
- CNBC
Best car insurance in Michigan in May 2025
The average car insurance premium in Michigan is $3,100 a year for full coverage and $883 for state-required minimum coverage, according to data from Bankrate. That's significantly higher than the national average of $2,692 for full coverage and $808 for minimum coverage. But Michigan's no-fault rules require personal injury protection (PIP), which can add to cost. Thankfully, there are still ways to get the best bang for your buck. Here are CNBC Select's top picks for car insurance in the Great Lakes State. (See our methodology for more on how we made our picks.) The best way to estimate your costs is to request a quote Yes Geico auto coverage is available in all 50 states and the District of Columbia. It offers 16 discounts and a variety of optional add-ons, such as emergency roadside assistance, rental car reimbursement and mechanical breakdown insurance. Terms apply. Read our Geico auto insurance review. Who's this for? Geico has the lowest rates we've found in Michigan, along with dozens of discounts, including a multi-vehicle discount that can lower your bill by up to 25% if you insure more than one car. Standout benefits: Geico's easy-to-use app lets you do everything from pay your bill to request roadside service. The best way to estimate your costs is to request a quote. Yes Progressive offers an array of riders, including rideshare insurance and a Deductible Savings Bank that deducts $50 from your deductible each policy period you go without a claim. Terms apply. Read our Progressive auto insurance review. Who's this for? If you own a house, boat or other high-value items you need to insure, Progressive's generous bundling discounts can help you save. On average, customers who bundle auto and home policies save more than 20%. Standout benefits: Progressive's small accident forgiveness benefit keeps your premiums from rising after your first claim of $500 or less. After five years as a Progressive customer with no accidents or violations, your rates won't increase after your first claim of more than $500. You can also purchase additional accident forgiveness at renewal, to be used for one claim per policy term. The best way to estimate your costs is to request a quote Yes The largest auto insurer in the U.S., State Farm has an excellent reputation for customer satisfaction and offers over a dozen discounts, including for safe driving, bundling and good students. Terms apply. Read our State Farm auto insurance review. Who's this for? Teens are the most expensive demographic to insure, but State Farm's lower rates for younger drivers can ease that burden. The brand also has a discount of up to 25% for students with a B or better. Standout benefits: State Farm's Steer Clear benefit can lower rates by up to 20% for a driver under 25 who completes an approved defensive driving course. The program also helps parents track their teen's driving and provides feedback for improved habits behind the wheel. The best way to estimate your costs is to request a quote Yes Auto-Owners offers affordable premiums with high customer satisfaction ratings. There are 12 different types of discounts available, as well as various other types of insurance besides auto. Terms apply. Who's this for? If your new car is totaled or stolen, Auto-Owners' gap coverage will pay the difference between the vehicle's depreciated value and the remaining balance on your auto loan. There's also diminished value coverage, which compensates you for the loss in your vehicle's market value after an accident, even if it's fully repaired. Standout benefits: Auto-Owners also provides coverage for classic cars, as well as vehicles that have been modified for accessibility. The best way to estimate your costs is to request a quote Yes Nationwide offers near-nationwide availability and personalized services, such as On Your Side® Review, a free annual insurance evaluation to ensure you are adequately protected and are taking advantage of any discounts available to you. Terms apply. Who's this for? Nationwide is a great fit for older drivers, with a discount for drivers over 55 who take a driving safety course. If you're a retiree driving less than you used to, the SmartMiles pay-per-mile program can save you hundreds a year. Standout benefits: Nationwide's add-ons include car key replacement and pet injury protection, which pays up to $1,000 if your pet is hurt in an accident. Michigan's state laws require drivers to have liability coverage as well as personal injury protection (PIP) and property protection insurance (PPI). The minimum requirements for liability coverage are: This is sometimes written as 50/100/10. For PIP coverage, which pays for medical expenses and things like lost wages, you can choose a limit that ranges from $50,000 to an unlimited amount, though some amounts below $250,000 require drivers to have access to certain eligible healthcare plans. On top of PIP coverage, the state requires drivers to carry $1 million of PPI coverage, which can pay for damages to non-vehicle property in an accident. Regardless of your driving history and situation, it's possible to save on car insurance in Michigan. Here are a few ways to lower what you'll pay: Get quotes from several different insurers and compare them. Not all consider your driving history and situation the same, so you'll want to see which one offers you the best price. Many insurers offer discounts for those who pay their premium upfront. This could be as much as 12%, according to car insurance comparison site The Zebra. If you don't drive much, work from home or are retired, a pay-per-mile policy could be a good fit. These policies charge a base rate and then a few cents per mile driven. Nationwide's SmartMiles program is available in Michigan. Your deductible is the amount you'll pay before your insurance kicks in. According to the Insurance Information Institute, bumping your deductible from $200 to $500 could reduce the cost of collision and comprehensive coverage by as much as 30%. The average car insurance policy in Michigan costs $3,100 per year for full coverage and $883 per year for state minimum coverage Michigan's no-fault car insurance laws and a high percentage of uninsured drivers make car insurance in this state expensive. States with no-fault insurance require drivers to buy personal injury protection, which pays for your medical expenses and lost wages after an accident, regardless of who is found liable. If a collision results in serious injury or death, however, drivers can still sue for pain and suffering. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every auto insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. To research the best insurance companies, we compiled over 100 data points on more than a dozen insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. CNBC Select analyzed a dozen insurance companies offering car insurance coverage in Michigan based on cost, coverage, discounts and standout benefits. We also incorporated customer satisfaction ratings from J.D. Power and the National Association of Insurance Commissioners' complaint index, as well as financial strength ratings from A.M. Best. We also considered cost data from MarketWatch. We considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools. Based on these criteria, our selections for the best auto insurance in Michigan are:
CNBC
12-05-2025
- Automotive
- CNBC
The 10 largest car insurance companies in the U.S.
The National Association of Insurance Commissioners' 2025 report on the largest car insurance companies in the U.S. reveals the industry is continuing to consolidate: The top five insurers held a cumulative market share of 63.59% in 2024, up from 62.49% in 2023. The top two providers, State Farm and Progressive, account for more than 35% of the market by themselves. Liberty Mutual tumbled from the sixth to seventh place, with direct written premiums dropping from over $13 billion in 2023 to $11.7 billion in 2024. Nationwide, meanwhile, fell out of the top 10 entirely, slipping from No. 10 to No. 13. The report also reinforces how car insurance rates continue to outpace the cost of living: While inflation increased 3% between 2023 and 2024, direct written premiums shot up more than 13%. Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent auto coverage is available in all 50 states and the District of Columbia. It offers 16 discounts and a variety of optional add-ons, such as emergency roadside assistance, rental car reimbursement and mechanical breakdown offers an array of riders, including rental car reimbursement, rideshare insurance and a Deductible Savings Bank that deducts $50 from your deductible each policy period you go without a claim. The best way to estimate your costs is to request a quote Yes State Farm is one of the largest auto insurers in the U.S. based on market share. It has an excellent reputation for customer satisfaction and offers discounts for safe driving and young drivers. Terms apply. Read our State Farm Auto Insurance review The largest private passenger insurer in the U.S. since the 1940s, State Farm had nearly $68 billion in direct written premiums in 2024, up from about $58 billion in 2023. Its market share also increased, from 16.84% to 18.87%. The best way to estimate your costs is to request a quote Yes Progressive offers a number of lines of insurance to allow for bundling, and convenient tools to help you keep your coverage in your budget. Terms apply. Read our Progressive Auto Insurance review. Holding onto the No. 2 spot, Progressive reported more than $60 billion in direct written premiums last year, with a market share of 16.73%. The best way to estimate your costs is to request a quote Yes Geico coverage and services are available in all 50 states and the District of Columbia and there are 16 different types of discounts available. In addition to the standard coverage options, Geico offers various optional add-ons, such as emergency roadside assistance, rental car reimbursement and mechanical breakdown insurance. Terms apply. Read our Geico Auto Insurance review. A wholly owned subsidiary of Berkshire Hathaway, Geico kept the No. 3 slot this year, although its share of the market dipped from 12.3% to 11.63%. The Chevy Chase, Maryland-based company reported nearly $41.8 billion in direct written premiums in 2024. The best way to estimate your costs is to request a quote Yes Allstate offers auto insurance customers a total of 14 discounts in addition to a pay-per-mile car insurance program. It offers quotes by phone, through an agent, or online. The company also offers a number of other insurance products to bundle your coverage and save. Allstate's market share remained fairly static at 10.19%, while direct written premiums increased to $36.58 billion in 2024 from $32.85 billion in 2023. The best way to estimate your costs is to request a quote Yes USAA's auto insurance is limited to service members, veterans and their families but it is available in all 50 states and Washington D.C. In addition to low rates and outstanding customer service, it has coverage options for unique circumstances, such as active deployment. Terms apply. While only available to active duty service members, veterans and their families, USAA still nabbed the No. 5 spot and 6.17% of the auto insurance market. It reported $22.13 billion in written premiums in 2024. The best way to estimate your costs is to request a quote Yes Farmers Insurance offers 23 discounts for auto insurance and issues policies in every state except Alaska, Delaware, Hawaii, Maine, New Hampshire, Rhode Island, Vermont, West Virginia and Washington, D.C. Terms apply. Read our review of Farmers car insurance Farmers Insurance rose from seventh to sixth place and reported close to $13.5 billion in written premiums in 2024. Its market share declined, however, from 4.18% to 3.76%. The best way to estimate your costs is to request a quote Yes Liberty Mutual offers auto insurance policies that are available nationwide and customizable to fit your wants and needs. It also has several discounts to help drivers save, including a discount for bundling home and auto insurance, as well as discounts for students and military members. Liberty Mutual fell from sixth to seventh place, with its market share declining from 4.20% in 2023 to 3.27% in 2024. The Boston-based company reported $11.74 billion in direct written premiums last year, down from $13.31 billion the year before. The best way to estimate your costs is to request a quote Yes Travelers auto insurance policies are affordable and backed by the sixth largest company for car insurance by market share according to the NAIC. The company also offers a number of discounts to customers, including discounts for bundling, owning a hybrid or electric car, and good student discounts. Travelers moved up from ninth to eighth place in 2025, although its market declined from 2.08% to 2.00%. It reported $7.18 billion in direct written premiums last year, up from $6.58 billion in 2023. The best way to estimate your costs is to request a quote The American Automobile Association (AAA) is a nationwide network of motor clubs offering car insurance underwritten by third parties, so coverage options and customer service may vary by state. Membership in AAA provides access to benefits like roadside assistance, identity theft protection and discounts on travel, dining and shopping. AAA provides a variety of services to members across the U.S., including auto insurance through third-party underwriters like the Automobile Club of Southern California and the Automobile Club Group. It broke into the top 10 for the first time this year, reporting $6.47 billion in written premiums in 2024, up from $4.83 billion in 2023. AAA's market share increased slightly, as well, from 1.53% to 1.80%. The best way to estimate your costs is to request a quote American Family offers affordable car insurance with more than a dozen discounts to further lower your premium. While its not available nationwide, American Family offers quotes online or through an agent, depending on your preference. Yes American Family Insurance dropped from eighth to tenth place in 2025, reporting $6.17 billion in written premiums and a 1.72% market share. Shop around: There can be huge differences among insurance companies for the same basic policy. Get rate quotes from at least three providers every time you're up for renewal to ensure you're getting the best deal. Pay your whole premium upfront: Most companies charge a fee for dividing your premium into monthly payments. You can often receive a discount for setting up autopay, as well. Bundle home and auto insurance: Getting multiple lines of insurance from the same carrier doesn't just simplify your life, it can result in discounts of up to 25%.Take advantage of other discounts: Rate reductions are often available to safe drivers, good students, homeowners, members of the military and others. The nation's largest car insurance company, State Farm has a discount of up to 30% if you use its Drive Safe & Save mobile app to track your pay-per-mile insurance: If you don't drive often, a pay-per-mile policy can save you more than 40% over traditional insurance. You're charged a daily flat rate plus a few cents per your credit score: In most states, insurance companies can use your credit history when calculating your rates. Paying off debts, lowering your credit utilization ratio and reporting errors or fraud are all ways to boost your FICO score. Select a higher deductible: Raising your deductible from $200 to $500 can reduce the cost of collision and comprehensive coverage by as much as 30%, according to the Insurance Information Institute, while upping it to $1,000 can save you 40% or more. Just make sure you have adequate savings to cover the difference. State Farm is the largest car insurance company in the U.S., with nearly $68 billion in direct premiums written in 2024 and a 18.87% market share. Progressive is the second largest, followed by Geico in third place. Most car insurance is paid on a monthly, biannual or annual basis. Typically, if you cancel a policy you've already paid for, you'll get a prorated refund. There may be a cancellation fee, however. The amount you'll pay for car insurance varies greatly depending on where you live, your age, your driving record and many other factors. The nationwide average for full coverage car insurance in April 2025 was $2,685 a year. For a liability-only policy, it was $800 a year. Your car insurance deductible is the amount you're responsible for paying for repairs or replacement of your vehicle before your insurer contributes anything. Drivers can select their deductible when buying a policy and, typically, a higher deductible means lower premiums. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance article is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.
