If you insure yourself so you’ll never lose a penny, you’ll never have a penny to lose! That’s the observation of MoneyTalksNews founder Stacy Johnson, who goes on to say, $250 deductibles are common on many car and home insurance policies. Why? Because insurance is normally sold, not bought. In other words, the companies who sell you insurance make more money if you pay more, and you pay more with low-deductible policies. By raising your deductibles — the amount you pay out of pocket before insurance kicks in — you can save hundreds or even thousands of dollars a year on your policy premiums. Keep in mind that the purpose of insurance isn’t to prevent financial inconvenience: It’s to prevent financial catastrophe. Insure yourself accordingly.