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Choosing the right deductible means to balance risk and savings

There is always a debate going on about the choice of deductibles on car insurance. Some say it’s better to have a high deductible and some say a low one is better.

So who’s right?

Both. Here is why:

First, it all depends on each individual’s situation regarding his or her rating factors. If you have been insured for a long time and have an absolutely crystal-clear driving record, you are the only driver on the policy and have just one vehicle, you can probably get away with a lower deductible.

For everyone else, a larger deductible could save thousands each year in insurance premiums.

Just bought your first car? This is one of many reasons that you should consider high deductibles.

A new car smell is like a mind-altering drug. You sit in a new car and suddenly you find yourself signing paperwork to take it home.

Reality Ruins Everything

You might experience a bit of a buzz-kill, though, when you are in the final stages of acquiring that beautiful new car and the finance manager asks for proof of insurance. Well, of course you don’t have insurance because you didn’t have a car before biking, walking, or busing to the dealership. This starts a mad scramble with a smart phone app, a phone call to an agent, or getting an insurance company directly on the dealership’s phone.

Shockingly, you could get quotes that are higher than the new car payment. Many are unaware that simply by not having prior insurance automatically puts someone in a high-risk category in many cases.

Add a ticket or a claim and a driver who is barely out of his or her teens and the premium amount hits the stratosphere.

There’s no way that you are going home on your bike. That car is yours. So how do you make the insurance affordable?

Raise the Deductibles

You could save thousands of dollars a year on Collision costs alone depending on the state and city in which you live. By increasing your Collision and Comprehensive deductible to $1000, you can do a few comparison quotes with a couple companies and find a price that works within the budget even with the new car payment.

You can look at other options for dropping costs like searching for discounts and bundling with a renter’s insurance policy, which sometimes can

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make it cheaper with both than with the auto policy alone.

Better News is on the Horizon

High deductibles, high insurance premiums, and minimal protection

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won’t last forever with a bit of driving savvy on your part. Maintaining a spotless driving

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and claim record with no gaps of liability auto insurance will provide you with many more choices for lower premiums in the future. Lower premiums provide the perfect time to increase your liability protection, and then you can slowly decrease your deductible amounts.

But there is a another part to the story.

Do Not Risk More than You Can Afford to Lose

Keeping your rates lower is one thing. The other thing you should assess is how much you are ready to risk. If your deductible is higher than you can pay comfortable out of your pocket – or can afford to lose – you obviously aimed to high.

Picture: by o5com