Had a friend who picked a $1,500 deductible to save $10/month... then got rear-ended and had to borrow money. Not worth the hassle.
Oof, that’s rough. I’ve definitely been tempted by those lower premiums, but my luck’s about as good as a GPS in a tunnel. I’d probably get hit the week after switching to a high deductible.
I’m with you on the “pull from savings” rule. If I can’t cover it without selling half my stuff on Facebook Marketplace, it’s too high. But sometimes I wonder if I’m just being paranoid? Like, statistically, most years nothing happens... but then again, my car’s basically a magnet for shopping carts and mystery dings.
Does anyone actually adjust their deductible based on how much they drive? I started working from home more, so I barely drive now—makes me think about bumping it up to save some cash. But then again, the one time I do go out is probably when someone decides to back into me at Target.
Curious if folks here ever change their deductible year to year or just set it and forget it? Or is that just asking for trouble?
Honestly, I tend to lean toward a lower deductible even if it means paying a bit more each month. With the kind of repair bills luxury cars rack up, one accident could wipe out any savings from a higher deductible in an instant. I get the logic behind adjusting it based on how much you drive, but unpredictable things just happen—my car’s been hit while parked at valet before. For me, peace of mind is worth that extra monthly cost, even if I’m not driving as often these days.
LOWER DEDUCTIBLE ISN’T ALWAYS THE WINNER FOR ME
I get where you’re coming from about peace of mind, but I’ve always gone the other way—higher deductible, lower premium. Maybe I’m just a bit of a gambler, but over the years, I’ve saved a decent chunk by not paying those higher monthly rates. I drive an older BMW, so repairs aren’t exactly cheap, but I figure if I’m careful (and lucky), I’ll come out ahead in the long run.
Had a fender bender a couple years back and yeah, writing that check for the deductible stung... but when I did the math, I’d still saved more than if I’d been paying extra every month. Guess it depends how often you’re actually making claims. If you’ve got bad luck with parking lots or live somewhere with crazy drivers, maybe the lower deductible makes more sense. For me, I just can’t stomach the higher monthly cost for something that might never happen. Just my two cents.
HIGHER DEDUCTIBLE MAKES ME SWEAT
I get the whole “save money if you’re lucky” angle, but man, I’ve got the opposite luck. If there’s a pothole, I’ll find it. My last road trip, a rogue shopping cart attacked my car in a hotel parking lot—deductible time. For me, paying a bit more each month is like buying stress insurance. I’d rather skip the big surprise bill and just budget for the higher premium. Maybe I’m just risk-averse (or cursed by the road gods), but I sleep better that way.
HIGHER DEDUCTIBLE MAKES ME SWEAT
I get where you’re coming from, but have you actually run the numbers on how much you’d save over a few years with a higher deductible? I used to be in the “play it safe” camp too, but after my ‘72 Chevelle got keyed (twice), I realized I was paying way more in premiums than I ever claimed back. Sure, the big bill stings if something happens, but if you’re not making claims every year, isn’t it just money down the drain? Maybe it’s just me, but I’d rather risk the occasional hit than bleed cash monthly.