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Setting Your Car Insurance Deductible

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Your auto insurance deductible is the amount you pay out of your own pocket before your auto insurance company starts paying. The higher you are will to pay for your deductible on collision and comprehensive coverage, the lower your car insurance premium. Increasing your deductible from $200 to $500 could reduce your comprehensive/collision cost by 15% to 30%.

Drivers should take a few factors into consideration when determining the amount to set the deductible.

  • Are you financially comfortable paying the set amount of deductible if you needed to file a claim? If you are financially strapped every month or have little or no savings, a high deductible may not make sense for you.
  • How frequently do you file a claim? If you are usually accident or claim free, a higher deductible can lower your auto insurance premium.
  • Does increasing your deductible save you more money over the long run? Compare the amount of savings you would get if you increase your deductible.
You can opt to change your deductible at any time by notifying your auto insurance company.
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