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How High Should My Auto Insurance Deductible Be?
- How high should my car insurance deductible be?
- If you increase your deductible, you will save money on your premiums. However, this will truly depend on your own individual circumstance. In short, the higher deductible you choose the lower the premium.. It is important to keep in mind that if you were to increase your deductible you will be responsible to pay it to the insurance company should a claim occur, as we explain below.
- Having a high deductible could also negatively impact you in the event of filing a small claim. If the cost of damages you are filing for are less than the cost of your deductible, it will make no sense for you to even file the claim. It will ultimately cost less money for you to pay for the damages out-of-pocket. Racking up tons of small claims like this could result in you potentially losing a lot of money in the long run.
- Consider: your financial situation, your location, and the frequency of accidents you are involved in.
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