Was chatting with my brother yesterday about car insurance, and he mentioned something interesting. Apparently, if you choose a higher deductible, your monthly premium usually drops. Like, you're basically betting on yourself not getting into an accident, lol. I hadn't really thought about it that way before. Seems kinda risky but makes sense, I guess. Curious if anyone else has noticed this or has more insight into how much difference it actually makes?
"Like, you're basically betting on yourself not getting into an accident, lol."
Haha, exactly how I see it too... I've considered going higher deductible before, but then I think about that one time a deer jumped out of nowhere on a road trip. Is the monthly saving really worth the stress? Still undecided tbh.
"Is the monthly saving really worth the stress? Still undecided tbh."
Yeah, that's always the tricky part. It comes down to your comfort level with risk, honestly. I've seen people save a decent chunk monthly going higher deductible, but then one unexpected incident wipes out years of savings... Have you looked into how much you'd actually save per year versus what you'd pay out-of-pocket if something happened? Curious if anyone's done the math on their own situation.
Went with a higher deductible last year thinking we'd save some cash... then my kid backed into a mailbox. Repair wasn't huge, but it ate up most of what we'd saved. Still debating if it's worth it tbh.
Title: Tried High Deductible, Not Worth It for Me
Did the math on this last year and went for a higher deductible to lower my monthly payments. Here's what happened step-by-step:
1. Premium dropped by about $25/month, seemed decent enough.
2. Three months in, clipped a curb in a parking lot—completely my fault, tire and rim damage.
3. Repair bill was around $500, deductible was $1000, so insurance didn't help at all.
4. Out-of-pocket expense basically wiped out the savings I'd made on the lower premium for the year.
Bottom line, if you're a careful driver or have extra cash set aside, higher deductibles can save you money. But if you're accident-prone (like me) or just unlucky, it's probably smarter to pay a bit more each month and avoid getting slammed with big bills when something inevitably goes sideways. Lesson learned the hard way, I guess...
