However, as a note of caution, those raising their deductible substantially should be expected to accept a larger financial burden if ever there is an automobile accident. As such, automobile owners should only consider raising their deductible when taking all of their personal finances into account. In short, raising the deductible should be done with care and caution. An equally important way of saving money on automobile insurance is to take full advantage of any discounts that may be available. Many insurance companies offer a wide range of discounts for students, corporate affiliations and even reduced annual mileage.