The Biz of Pacelinebiz

Turning things on end to achieve results!

We always did it that way.

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Back in my day...

I recently changed my auto insurance company and had to consider my deductible for collision and comprehensive coverage.  I automatically thought of $500 for both and now realize that I have had $500 as my deductible for over 25 years.  That needs to change.  Inflation of about 3% on average over that span would have made the $500 deductible from 25 years ago equal to $1,000 in today’s dollars. For some reason I am using the same nominal value.  I believe I need to take the same risk today as I did 25 years ago and raise it to $1,000.  By doing so, I will lower my premium.  What other things are we doing the same way repeatedly without reassessing to see if it still makes sense?  Certainly in the insurance area we can raise our deductible for our Homeowner’s policy to a more reasonable number to “keep up with the times”.   What about our medical deductibles?   If we can, we should opt for higher deductibles for that as well.  Sometimes we do things the same because it is a tried and true approach or process.  Other times when we stay with the status quo, we are missing out on new and improved ways of doing things. 

This week, take a fresh look at what you are doing.  Question everything and if it still makes sense then great but I am sure there will be a few things you will decide to change for the better. 

Turn things on end to achieve results!

Have great week of outside of the box thinking.

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Written by pacelinebiz

February 14, 2011 at 6:53 pm

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