2007-10-29 17:30:51 · 0 answers · asked by Anonymous in Business & Finance ➔ Insurance
It all depends on what you can afford to lose. The point of insurance is that you believe it is safer for you to pay a monthly amount you can afford instead of being forced to pay some huge amount you can't afford in case of an accident.
So the way to look at deductibles is to compare three situations (assume you have a $1,000 deductible) and ask yourself how you would feel about them.
#1: You are in an accident. The part of the damage you have to pay for is $1,005. The insurance covers $5, you pay the $1,000.
#2: You are in another accident. Your part of the damage is $5,000. You still pay $1,000, the insurance pays $4,000.
#3: Third accident: Damage is $100,000. You still pay only $1,000, the insurance pays the rest.
How do you feel about these examples? Can you afford to go through all of them? What is your safety experience? Have you driven accident-free for many years and you can afford to risk self-insuring the "stupid driver risk"?
That's the way to figure it out. There is no single answer for everyone.
2007-10-29 17:49:55 · answer #1 · answered by mountain lady 3 · 2⤊ 0⤋
Well, I think I like answer #3 best here. We had an accident a little over a year ago and had a $1,000 deductable and had to borrow the money to pay that part, unfortuantely. And we still don't have it back yet. (the kid has to pay the insurance company first, he was uninsured) You have to go with what is best for you. Just make sure you have plenty of coverage and note that a lot of loans make you have no more than $500. I would NOT go under $100/300 coverage with a min of $5,000 medical. Check your uni/ui coverage limits as well. If you own a home or boat, maybe you should check into umbrella coverage, not expensive, just a few bucks extra. You may think these things are dumb and excessive but if you ever have to use them like we did, it will pay off. Remember with insurance, the same holds true, you get what you pay for.
2007-10-29 18:23:44 · answer #2 · answered by Luvbuz01 5 · 0⤊ 1⤋
It depends on how much savings you have. I'd suggest starting w/ a $500 or $1000 deductible. Ask your agent to run a comparison & see how much you'd save on the premiums.
Generally, you will save more the higher your deductible is.
The other thing to consider is your car. If it's a nice car that's expensive to repair then you might want to carry a lower deductible since a simple fender bender can be costly.
2007-10-29 19:41:25 · answer #3 · answered by Treadstone 7 · 0⤊ 0⤋
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2007-10-30 01:05:53 · answer #4 · answered by Anonymous · 0⤊ 1⤋
You will save a lot if you can do a $1000 deductible & drive safely.
2007-10-29 17:44:06 · answer #5 · answered by SJ 4 · 1⤊ 0⤋
Whatever you can afford. If $250 would strain your pocketbook, take the $250. If you can afford $1,000, take the thousand. If you can afford to replace the car without effort, don't carry physical damage.
2007-10-30 01:37:26 · answer #6 · answered by Anonymous 7 · 0⤊ 1⤋
None or whatever you can afford if any emergency were to occur.
2007-10-29 17:38:21 · answer #7 · answered by vsweety 5 · 1⤊ 0⤋