does it make sense to get higher deductible to save premium or is that a scam?
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does it make sense to get higher deductible to save premium or is that a scam?
clubny2007 coming soon
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May 6, 2010 @ 7:45 am
It makes a lot of sense to get a higher deductible to save on your premiums. In fact, if you can get a $1000 deductible you’re even better off. Be warned though that some lenders require that you maintain a maximum $500 deductible (This is the part that in my own opinion is the scam).
May 6, 2010 @ 8:09 am
higher deductables do lower your premiums. You should price it both ways to see if it’s worth it. Sometimes it’s just like a $5 a month difference.
May 6, 2010 @ 9:09 am
higher deducitbles are good if you are looking to save money in the long run. but you want to make sure that in the event of a loss that you are comfortable with the deductible amount. Is it more resonable for you to come out of pocket the 250 dollars or is it manageble for you to come out of pocket 500 dollars. Using higher deductibles to save premium is not a scam. the reason you save throughout the policy when you have higher deductibles is because you are retaining more of the loss yourself.
May 6, 2010 @ 9:31 am
No its not a scam. If you have a beater(Older car), don’t get collision insurance. If it is a new car, get $1000 deductible (lower rate). If you can’t afford $500, you can’t afford $1,000.
May 6, 2010 @ 9:54 am
Bigger Deductable the smaller the Premium…Depending on the condition of your vehicle you could ask for a large deductable like say $ 1,000.00
May 6, 2010 @ 10:23 am
go with higher deductible. When you get in an accident go to a non-chain body shop and tell them you’d like to reduce your out of pocket. They usually will take it out of their profit and you get the benefit of low deductible as well as reduced premiums. I’ve been keeping $1000 deductibles for the past 10yrs and I’ve never paid out of pocket.
May 6, 2010 @ 10:46 am
if you live n the city…..the $500 deal
if you live in the country, your less like to have an accident…..go with the lesser
May 6, 2010 @ 11:34 am
It all depends. Can you afford the $500 when the time comes to pay it to a body shop. I have never had more then $250. there is not that big of a difference in the price between $250 and $500. The thing you have to remember about the $1000 deductible is if you total your car $1000 comes off the amount you get paid. To some that may not sound like much and it may not be depending on the age of your car, but remember if you have a loan you may not be getting much back after your loan is paid by the insurance company. Also I would not carry a deductible on comprehensive, most comp claims are not that much and the coverage does not cost much w/o a deductible.