I've always kept mine pretty steady—never really saw the point in adjusting it seasonally or based on who's driving.
- Lower deductible means higher premiums, adds up over time.
- I'd rather stash away a bit each month into savings for minor mishaps.
- But yeah, teenagers and mailboxes...been there, done that.
As someone new to all this, isn't there some peace of mind in knowing you won't have to cough up a huge chunk of cash if something happens? I mean, teenagers and mailboxes sound funny until it's your mailbox...or your teenager.
Good point, but have you thought about how often you realistically expect to file a claim? If you're pretty careful (and your teenager isn't too wild...), a higher deductible might save you money long-term. Ever done the math on that?
"Ever done the math on that?"
Actually, yes—I recently went through this exact calculation when I got my first car. Initially, I leaned toward a lower deductible because, you know, being a new driver made me nervous about potential accidents. But after crunching the numbers, it became clear that the higher deductible was more cost-effective in the long run, especially since I'm pretty cautious behind the wheel.
Basically, I compared the premium savings over a few years against the extra I'd pay if I had to file a claim. Turns out, unless you're filing claims frequently (which hopefully you're not!), the higher deductible usually pays off. Of course, it's important to have enough savings set aside to comfortably cover that deductible if something does happen. But overall, if you're careful and don't anticipate frequent claims, going higher can definitely be a smart financial move.
"unless you're filing claims frequently (which hopefully you're not!), the higher deductible usually pays off."
Fair point, but honestly, even as someone who's super careful (borderline paranoid, lol), I still prefer a lower deductible. Had a friend who thought he'd never need to file a claim... until a tree branch randomly fell on his parked car. Life's unpredictable, and I'd rather pay a bit more monthly than stress about suddenly coughing up a big chunk of cash. Peace of mind counts for something, right?
