I totally get where you're coming from—saving monthly is tempting. But personally, I lean toward a middle ground deductible. A few years ago, a deer jumped right in front of me (talk about random), and I was grateful I didn't have to fork out a huge chunk at once. Feels like balancing monthly savings with peace of mind is key...but yeah, no perfect formula here. Your approach makes sense though, especially if you're disciplined enough to stash away the savings just in case.
Ha, deer collisions are no joke—had a client once who swore the deer "came outta nowhere," like it teleported or something. But yeah, your middle-ground deductible approach is actually pretty solid. Here's how I usually break it down for people:
- If you're accident-prone (or live in deer central), lower deductibles can save your wallet from sudden shocks.
- If you're disciplined enough to stash away monthly savings, higher deductibles can make sense financially. But let's be real, most of us aren't that disciplined... Netflix and pizza usually win out.
- Middle ground is the sweet spot for most folks—enough cushion to avoid panic mode, but not so high you're paying through the nose every month.
Funny story: I once upped my own deductible thinking I'd save cash long-term. Literally three weeks later, backed into my neighbor's mailbox (don't ask). Felt like karma was laughing at me as I forked over that higher deductible.
Curious though, does anyone factor in their car's age or value when picking a deductible? Like, would you change your strategy if your ride is brand new versus an older beater?
Yeah, I definitely factor in the car's age and value. When my car was brand new, I stuck with a lower deductible because even minor repairs were pricey, and I didn't want to stress about it. Now that it's older and not worth as much, I've bumped it up a bit—figured it's not worth paying extra each month for something I'd probably just cover myself anyway. Anyone else shift their deductible as their car ages?
I do the same thing—kept a low deductible when my car was newer, but now I bumped mine up too. Older cars usually have cheaper parts, and honestly, if something minor happens, I'd probably just pay out of pocket anyway. Plus, I figure the savings on premiums will eventually offset anything small that pops up. Seems like a smart move as cars age and lose value...
I get your logic, but have you thought about how quickly smaller repairs can add up? Even older cars sometimes surprise you with pricier parts or labor costs... Is the premium savings really enough to offset a couple unexpected repairs a year?
