Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles on your auto insurance, you can lower your policy cost. For example, increasing your deductible from $250 to $500 could reduce your collision and comprehensive coverage cost by up to 30 percent. Going to a $1,000 deductible can save you up to 40 percent. Before choosing a higher deductible, be sure you have enough money set aside to pay your deductible amount if you have a claim.