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How to Select the Best Deductible
Before you select a deductible on your policy, discuss the decision with your agent. Find out what deductibles are available and how your premium will be affected. Insurance companies each have their own formula for calculating insurance rates and, unfortunately, a higher deductible doesn’t always result in a huge premium reduction. Especially with comprehensive coverage, you may find that a higher deductible doesn’t result in enough of a premium reduction to justify making a change.
Once you have discussed your options, consider what deductible you can afford. While many people can manage to scrape together $500 in a pinch, coming up with $1,000 or $2,500 is much more difficult. A good way to calculate what deductible you can afford is to imagine you file a claim tomorrow.
Given your current financial situation, what would it take to come up with the deductible money? If you know that it would be difficult or impossible to come up with the money for the higher deductible, you should avoid raising your deductible at all cost, or at least until your financial situation improves.
Although insurance can be a confusing subject at times, you should never let it overwhelm you. Always contact your insurance agent and do some research before making any significant changes on your policy. Just because a friend recommends increasing your deductible to save money doesn’t mean that this is a good move for you. You should also take a look at additional ways to get cheaper insurance quotes. Consider every aspect before making a change so that you don’t wind up in a bad place later.