Auto Insurance deductibles on collision and comprehensive?

[tiredguy]

Hello

I was reviewing my insurance for my vehicle and noticed the following for a 6 month pay period

Cost for Collision $266 ($500 deductible)

Cost for Comprehensive $35 ($500 deductible)

Does it make sense to lower the deductible for the Comprehensive and pay a little more?

 

[ctechbob]

I'm sure I'll be in the minority.

Auto insurance is for catastrophic events. I carry $1000 deductible and would carry higher if I could.

I've seen people claim door dings on their insurance, that's not what it is for.

Same with homeowners. People claim computers, tv's and the like. All that does is raise everyone else's rates. Claim a high deductable and keep your money in your pocket and be prepared to fix things on your own, or at least pay to fix minor things.

 

[tbm5690]

I'm sure I'll be in the minority.

Auto insurance is for catastrophic events. I carry $1000 deductible and would carry higher if I could.

I've seen people claim door dings on their insurance, that's not what it is for.

Same with homeowners. People claim computers, tv's and the like. All that does is raise everyone else's rates. Claim a high deductable and keep your money in your pocket and be prepared to fix things on your own, or at least pay to fix minor things.

I go $1000 on auto as well and $2500 on homeowners. Doing the math it's usually only a matter of a couple of years without a claim and then you are on top, even if a claim is needed.

 

[GON]

I go $1000 on auto as well and $2500 on homeowners. Doing the math it's usually only a matter of a couple of years without a claim and then you are on top, even if a claim is needed.

I have a $500 deductible but will not make a claim unless $10k or more in damage.

 

[99Saturn]

No collision, no comp here, "self insured" I suppose, but my "nice" car is a '13 GM economy car so not worth much.

OP, basically comes down to if you would rather pay the premium or pay the deductible. The odds typically says put the money in your pocket and save it for the deductible if you have a claim....which makes sense until you decrease your coverage and then suddenly have a claim.

 

[eljefino]

If you use your insurance for something small they will get the money back out of you. They don't like "complainers."

My homeowners deductible is ten grand. I don't want to have to deal with a contractor for less than that-- I'll do the repair myself.

 

[atikovi]

No comp or collision on over $100K worth of cars except a few on separate collector car policies because they require it. Never been in a collision that was my fault or had any comprehensive damage of much significance.

 

[CKN]

If I have damage more than my deductible I make a claim. That's what I insurance is for.

 

[BHopkins]

I'm sure I'm in the minority, but I have $0 comp deductible, and $250 collision deductible. For the home, I have $1,000 deductible. My wife set it up, and told me that the difference was marginal. That was years ago. It's probably time to review my policies again.

 

[Gyro Gearloose]

I find the deductible decision easier to decide if the question is reframed as whether or not to buy a second and third smaller insurance policy for 500 and 250. You have a main policy with a $1000 deductible and then if you go to a 500 deductible you are basically taking out another tiny insurance policy that only insures and pays off $500 of value. Going to 250 deductible is an even tinier policy that only insures and pays off the next $250 of value. The question then becomes what amount seems reasonable to insure those additional small amounts given your estimated likelihood of collecting on it. With limited exceptions I have stayed with the 1000 deductible.

 

[Lubener]

Hello

I was reviewing my insurance for my vehicle and noticed the following for a 6 month pay period

Cost for Collision $266 ($500 deductible)

Cost for Comprehensive $35 ($500 deductible)

Does it make sense to lower the deductible for the Comprehensive and pay a little more?

Yes it does. I have no deductable for comp. Most claims are small such as a damaged windshield which likely won't meet your $500 deductable.

 

[JTK]

If I have damage more than my deductible I make a claim. That's what I insurance is for.

It would be interesting to see the data in regards to what the greatest financial burden is for auto insurance carriers.

Is it the "auto injury" attorneys, is it totalled vehicles coupled with today's prices, or is it people filing claims for dings and scratches.

To me a ding/scratch is anything under maybe $2k given what paint and body work cost today. I personally wouldn't file a claim for anything under that. I don't fault people who do, I just don't know what magic 8-ball this will shake with the insurance cos, and ultimately how it will effect my costs.

 

[cptbarkey]

500/500, stuff happens.

 

[DuckRyder]

What's your risk for animal strikes and broken windshields?

 

[andrew_j]

Hello

I was reviewing my insurance for my vehicle and noticed the following for a 6 month pay period

Cost for Collision $266 ($500 deductible)

Cost for Comprehensive $35 ($500 deductible)

Does it make sense to lower the deductible for the Comprehensive and pay a little more?

is the $500 sitting in bank and would not hurt you financially if you had to use it? If no perfect amount. Whatever it costs to reduce your deductible/year add that to same account annually . You’ll be so far ahead…..

For years when offered an extended warranty(car, appliance, phone,electronics) I think about instead of purchasing it I throw into a slush fund bank account that has grown to $10k now. In short self insure and don’t touch it.

 

[grampi]

I'm sure I'll be in the minority.

Auto insurance is for catastrophic events. I carry $1000 deductible and would carry higher if I could.

I've seen people claim door dings on their insurance, that's not what it is for.

Same with homeowners. People claim computers, tv's and the like. All that does is raise everyone else's rates. Claim a high deductable and keep your money in your pocket and be prepared to fix things on your own, or at least pay to fix minor things.

People who drive without insurance also raise everyone's rates...these people should be jailed, but too many times the police just look the other way and do nothing...

 

[grampi]

No collision, no comp here, "self insured" I suppose, but my "nice" car is a '13 GM economy car so not worth much.

OP, basically comes down to if you would rather pay the premium or pay the deductible. The odds typically says put the money in your pocket and save it for the deductible if you have a claim....which makes sense until you decrease your coverage and then suddenly have a claim.

How does one "self insure?"

 

[Owen Lucas]

How does one "self insure?"

I think he means first party insurance as in comp and collision. Everyone has to have third party, i.e. liability.

 

[GMBoy]

I have a $500 deductible but will not make a claim unless $10k or more in damage.

You should really consider the max deductible based on the high dollar limit of when you will file a claim. It may only save you a little money in premiums but hey that's money in your pocket. You are wasting money with a low deductible that you, hopefully, never will need.

 

[CKN]

It would be interesting to see the data in regards to what the greatest financial burden is for auto insurance carriers.

Is it the "auto injury" attorneys, is it totalled vehicles coupled with today's prices, or is it people filing claims for dings and scratches.

To me a ding/scratch is anything under maybe $2k given what paint and body work cost today. I personally wouldn't file a claim for anything under that. I don't fault people who do, I just don't know what magic 8-ball this will shake with the insurance cos, and ultimately how it will effect my costs.

That's part of Insurance...since it's a risk pool. Isn't it?

It's a service I pay for. I'm going to use it.

BTW-my claims history hasn't seem to affect my rates.