I did some rough math on that once, after my car decided to get cozy with a shopping cart... Turns out, for me at least, the premium hike for the deductible reduction nearly canceled out what I'd save. Honestly, I prefer just keeping a higher deductible, stashing away a little emergency cash, and hoping my car behaves itself. Has worked so far—knock on wood.
"Honestly, I prefer just keeping a higher deductible, stashing away a little emergency cash, and hoping my car behaves itself."
Same here—did the math myself when I got my current car. A lower deductible seems tempting, but with luxury cars, the premium jump can be pretty steep. I prefer keeping a higher deductible and setting aside funds specifically for unexpected mishaps. Plus, knowing repairs on my car can get pricey fast, it makes me drive a bit more cautiously... not a bad side effect, honestly.
I've been leaning toward a higher deductible myself, mostly because my car isn't exactly new anymore. Did some quick math and figured I'd rather pocket the monthly savings than pay extra for coverage I might never use. But I do wonder sometimes—at what point does it make sense to switch back to a lower deductible? Like, is there a certain age or mileage where the math flips again...?
You're definitely on the right track—older cars rarely justify low deductibles. I'd say stick with your current plan until you start seriously considering repairs over replacement...that's usually when the math shifts again.
I see your point, but from my experience, it's not always that straightforward. A few years back, I had an older sedan—nothing fancy, just reliable transportation. I kept the deductible high thinking I'd never need it. Then a minor accident happened, and suddenly the repair costs were borderline...not quite enough to justify replacing the car, but still painful out-of-pocket. Sometimes the math isn't as clear-cut as we'd like it to be. It's worth revisiting every now and then, even if your car's getting up there in age.
