I get where you're coming from, but honestly, sometimes keeping a higher deductible still makes sense—even with older cars. A few years ago, I had this old hatchback that was practically held together by duct tape and optimism. I ran the numbers and figured I'd save more in premiums over time than I'd likely spend on repairs. Sure enough, I had a fender-bender in a parking lot (totally my fault, sadly), and the repair estimate was painful, but still less than what I'd saved in premiums over the previous couple of years.
I guess my point is, it depends on your risk tolerance and how much you can comfortably set aside for emergencies. If you have a decent emergency fund, a higher deductible can still be the smarter financial move. But yeah, it's definitely not a one-size-fits-all thing...and it never hurts to crunch the numbers again every year or two.
"If you have a decent emergency fund, a higher deductible can still be the smarter financial move."
I see your logic, and in theory, it makes sense. But from my experience handling claims, people often underestimate how quickly repair costs can escalate—even for minor incidents. I've seen plenty of cases where what seemed like a small fender-bender turned into a hefty bill once the body shop started digging around. Parts availability, labor rates, hidden structural damage... these things can add up fast, especially on older cars where parts aren't as readily available.
Also, it's worth considering how comfortable you are with uncertainty. Sure, you might save a few hundred bucks over a couple of years, but one unexpected accident can wipe out those savings instantly. I agree it's not one-size-fits-all, but I'd caution folks against assuming they'll always come out ahead with a higher deductible. Sometimes peace of mind is worth paying a bit more for, especially if you're not the type who enjoys rolling the dice financially.
I totally get where you're coming from on this. A few years back, my wife had a minor scrape backing out of a parking spot—looked like nothing more than a scratch and a small dent. But once the shop got into it, turns out the bumper brackets were bent and there was damage underneath we couldn't even see. Ended up costing way more than we expected. So yeah, having a higher deductible can save money upfront, but like you said:
"one unexpected accident can wipe out those savings instantly."
It's definitely a balancing act between saving money and sleeping easy at night...
I see your point, but honestly, as someone who's had a few close calls myself, I've found that sometimes a higher deductible actually makes me drive more carefully. Knowing I'll have to pay more out-of-pocket if something happens keeps me alert and cautious. Of course, it's not for everyone—especially if you don't have emergency savings—but it can be a useful psychological trick to stay focused behind the wheel...just another angle to consider.
"Knowing I'll have to pay more out-of-pocket if something happens keeps me alert and cautious."
Interesting take, but honestly, I'm not sure that'd work for me. I tried the higher deductible route once, thinking it'd save me money in the long run...but it just made me anxious every time I got behind the wheel. Instead of feeling more cautious, I felt distracted worrying about potential costs. Maybe it's just my personality, but I prefer a deductible that's manageable enough to ease my mind without breaking the bank.
