When it comes to choosing Auto Insurance deductibles, it can seem like you are danged if you do and danged if you don't.
So the question becomes - do you carry high deductibles or low deductibles?
Ok, so you decide to "raise" your deductibles, which "lowers" your premium. Makes perfectly good sense, right?
Unless a claim occurs and you have to pay money out of your own pocket and your suddenly shrinking pocketbook cramps your lifestyle.
So then you "lower" those deductibles, which "raises" your premiums. You're not happy about that but you feel better because if/when that claim occurs you won't be paying as much out of pocket.
But you go accident-free for the next ten years and wonder why you have "overpaid" your insurance by carrying lower deductibles.
See what I mean? It's a tough call.
Now, everyone's budget is different. Some can easily afford to carry higher deductibles while others would feel a sincere budget pinch if they had to come out of pocket for a higher deductible.
What I have found is it often makes sense to carry a more reasonable Comprehensive deductible, but a "higher" Collision deductible.
The reason? You often see a greater decrease in premiums when you raise your Collision deductible. That Comprehensive deductible doesn't often change the premium much either way, so you might as well leave it reasonable.
Comprehensive covers non-moving claims like theft, vandalism, glass, etc.
Collision covers moving claims when you hit something.
Hope that helps.
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