Good point about agreed-value policies—I actually switched to one for my older project car and it made a big difference in peace of mind. For deductibles, I usually stick with $500 across the board, but your math on bumping it up for rarely driven cars has me thinking. Might run some numbers myself this weekend and see if I'm missing out on savings...
I've been thinking about this deductible thing too lately. I've always stuck with $500 because it feels like a safe middle ground—not too high, not too low. But now you've got me wondering if I'm being overly cautious, especially with my older car that's mostly just parked in the garage.
Do you guys factor in how much you actually drive the car when deciding on deductibles? Like, if it's a daily driver, I get wanting a lower deductible since there's a higher chance of something happening. But for something that's barely on the road, maybe it's smarter to bump it up and pocket the savings?
I did a quick check last year when renewing my policy, and bumping from $500 to $1000 deductible didn't save me as much as I'd hoped—maybe $50-60 a year. At first glance, it didn't seem worth it. But now that I'm thinking about it again, over several years, that could add up to a decent chunk of change. Plus, realistically, how often am I going to file a claim on a car I drive maybe once or twice a month?
Another thing I'm curious about: do you guys keep an emergency fund specifically for covering higher deductibles? I've always just lumped everything into general savings, but maybe setting aside that deductible amount separately would make me feel more comfortable raising it.
Anyway, thanks for bringing this up—guess I'll be crunching some numbers this weekend too...
"Do you guys factor in how much you actually drive the car when deciding on deductibles?"
That's a good point—I always wonder if mileage really should be a bigger factor. But I'm curious, have you also considered the age and value of your car when setting your deductible? Like, would you feel differently if your rarely-driven car was newer or more valuable, even if it mostly sits in the garage...?
Mileage is definitely something to think about, but honestly, I feel like the bigger factor is how much risk you're comfortable with. Even if my car mostly sits in the garage, I'd still hesitate to set a high deductible if it's valuable or newer—because accidents or theft can happen anytime, anywhere. I guess I'm just cautious by nature, but I'd rather pay a bit more upfront than get blindsided by a huge bill later...
Totally get where you're coming from—it's smart to factor in peace of mind. One thing I'd add: you might wanna do a quick calculation comparing your premium savings versus potential out-of-pocket costs. Helps put things into perspective...
