Totally get where you're coming from. I keep hearing that higher deductibles save you money in the long run, but I’m honestly not sure I trust myself to leave that “emergency fund” alone either. It’s so tempting to dip into it if something big comes up, especially when you don’t have a separate account set up.
I’m curious—has anyone tried automating their savings for this? Like, setting up a separate account just for the deductible and making it kind of hard to access? I wonder if that actually works or if it just ends up being one more thing to juggle.
It seems like the real question is whether you’re the kind of person who can keep that money untouched, or if it’s safer to just pay extra every month for peace of mind. Has anyone actually had to pay out a high deductible unexpectedly? Did it work out, or was it a mess?
HIGH DEDUCTIBLE: WORTH IT OR TOO RISKY?
I’ve been down this road a few times, especially with my old Mustang. I went for the higher deductible to save on premiums, thinking I’d just stash the difference in a “car fund.” In theory, it’s smart. In practice...well, let’s just say that fund ended up buying a new carburetor and a couple of concert tickets before I ever needed it for an accident.
Automating savings into a separate account does help, but only if you’re not tempted to transfer it back when something else comes up. I set up an online savings account at a different bank—no debit card, no easy transfers. Out of sight, out of mind. It worked until I had to cough up $1,000 after a fender bender. That stung, but at least the money was there.
Honestly, if you’re the type who’ll raid the fund for pizza or car parts (guilty), maybe the lower deductible is worth the peace of mind. Otherwise, automation plus making it inconvenient to access can actually work...as long as you stick with it.
HIGH DEDUCTIBLE: WORTH IT OR TOO RISKY?
I get the logic behind stashing the premium savings, but what if you’re someone who’s had a few tickets or fender benders (guilty here)? Higher deductibles sound great until you’re actually the one who needs to use them. Does anyone else feel like the risk just isn’t worth it if you know you’re not exactly a “low-risk” driver? I keep wondering if the extra monthly cost for a lower deductible is just the price I pay for my driving record...
HOW DO YOU DECIDE ON THE RIGHT DEDUCTIBLE FOR YOUR INSURANCE?
- Honestly, I get where you're coming from, but sometimes that higher deductible isn't as scary as it sounds.
- If you can actually put aside the money you save each month, it can add up faster than you'd think.
- Had a minor accident last year—ended up paying my $1k deductible, but the premium savings from the previous two years basically covered it.
- If you tend to have more incidents, though, maybe easing into a mid-range deductible could make sense?
- Sometimes it's less about your record and more about what you can realistically afford in a pinch... that's how I've started looking at it.
Sometimes it's less about your record and more about what you can realistically afford in a pinch... that's how I've started looking at it.
That’s honestly the key, right there. I’ve seen folks get lured by the lower premiums on a high deductible, but then when something happens—like a fender bender or a tree branch through the windshield—they’re scrambling to come up with $1,500 they didn’t really have set aside.
I had a client once who swore by the “stash the savings” method. She bumped her deductible up, put the difference into a separate account every month, and after three years she’d built up enough to cover her deductible twice over. But not everyone’s that disciplined (I know I’m not).
If you’re someone who likes predictability, sometimes that mid-range deductible just feels safer. You pay a bit more each month, but you’re not risking a big hit all at once. It really comes down to your comfort level with risk and how much of an emergency fund you’ve actually got—not just what you *plan* to have.
