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Why Choose High Deductible Levels

Having a high car insurance deductible is smart, money experts will tell you, because your monthly payments will be lower. This is why, naturally, you opt for the $1,000 deductible (typically this is the highest deductible value). But is it really that good? Find out more and get car insurance quotes online free.

car insurance quotes online freeYour auto insurance deductible is the money you pay out of pocket when you make a claim. It acts as an insurance for your insurer that you might think twice about claiming lots of little things. For example, if a broken windshield costs $400 to replace and your deductible is $250, you’ll pay $250 and your insurer will pay $150. But, if you have a chip on your windshield that costs $100 to fill, you can handle the costs.

The biggest reason to go with a high auto insurance deductible is that it lowers your monthly premiums, sometimes dramatically. The Insurance Information Institute calculates that raising your deductible from $200 to $500 can reduce your premiums by 15 to 30 percent. Double your deductible to $1,000 and you could save 40 percent. And that’s a lot of money.

These numbers sound good, but remember that they are just estimates and the savings only apply to premiums for collision and comprehensive coverage. To determine if high deductible car insurance will save you a significant amount of money, you’ll have to run the numbers. You should use an online quote tool and input various scenarios, in which you vary the amount of deductibles.

Our recommendation is to choose carefully the deductible, considering your financial comfort zone. If you do not have the immediate resources of paying $1000 when asked, well, you should not opt for such a high deductible. Also, consider how much money you can save on the long run by opting for high deductibles. Usually, the value is recovered after several years.

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