I totally get the caution, especially after hearing about your friend's experience. Still, I'd say it's not always a clear-cut decision. I've had a higher deductible for years now, and honestly, it's worked out pretty well. Sure, there's always that risk of an unexpected accident—like your friend's parking lot mishap—but if you're generally careful and have a decent emergency fund set aside, it can actually save you quite a bit in the long run.
For me, the key was crunching the numbers. I looked at how much I'd save monthly with lower premiums versus what I'd potentially pay out-of-pocket if something happened. Turns out, even after one minor fender-bender repair (my fault...oops), I still came out ahead overall. But yeah, everyone's comfort level is different, and if having peace of mind means paying a bit more each month, that's totally valid too. Just thought I'd share another perspective since sometimes the higher deductible isn't as scary as it sounds.
Yeah, I'm with you on this one. I've been running a higher deductible for a while now too, and honestly, it's been pretty smooth sailing. I think the key is really knowing yourself and your driving habits. Like, if you're someone who's generally cautious and doesn't rack up a lot of miles, the odds of needing to use your insurance frequently are probably lower.
One thing I'd add is that it also depends on your car's value. When my car was brand new, I kept a lower deductible because repairs were pricier and I didn't want to risk it. But now that it's older and not worth as much, it just doesn't make sense to pay extra every month for coverage I might never use. Plus, having that emergency fund you mentioned is crucial—knowing you can cover the deductible comfortably makes the decision way easier.
But yeah, it's definitely personal. Some people just sleep better knowing they're covered for almost anything, and that's totally understandable.
I've been thinking about this lately too, especially since we just switched cars. Our old minivan was getting up there in years, and honestly, it didn't make sense to keep a low deductible anymore. Like you said, the value just wasn't there. But now that we've upgraded to something newer (not brand new, but still nicer), I'm kind of stuck trying to figure out what's best.
Do you guys factor in things like how much highway driving you're doing versus city driving? I mean, I feel like city driving puts you at higher risk for minor fender-benders or parking lot scrapes—stuff that's annoying but not catastrophic. On the other hand, highway driving might mean fewer small incidents but potentially bigger issues if something does happen. Not sure if that should influence my deductible choice or not...
Also, do you ever second-guess your decision after you've made it? A couple of years ago we had a higher deductible on our older car and then got hit by a deer (totally random and unavoidable). It ended up costing us more out-of-pocket than we'd planned for. We had savings to cover it, thankfully, but afterward I kept wondering if I'd made the wrong call by going with the higher deductible. I guess that's always the risk you take though—paying less monthly vs. paying more if something unexpected happens.
Anyway, I agree it's really personal and depends on your comfort level and financial situation. For me right now, I'm leaning toward a medium deductible—sort of splitting the difference—but I'm still not totally sure yet.
I tend to look at a few things when deciding on deductibles:
- Current savings/emergency fund—can I comfortably cover the deductible?
- City vs. highway matters somewhat, but honestly, random stuff happens everywhere (like your deer incident).
- Vehicle age and value definitely matter—newer car usually means lower deductible for me.
- And yeah, second-guessing is inevitable...had a higher deductible once and regretted it after a freak hailstorm. There's no perfect answer, but medium feels like a solid compromise.
"And yeah, second-guessing is inevitable...had a higher deductible once and regretted it after a freak hailstorm."
Totally get that. Had a similar experience myself—went for a high deductible thinking I'd save money, then bam, windshield cracked by random road debris. Ended up paying out of pocket and kicking myself afterward.
Honestly though, I'm still skeptical about going too low. Sure, it's tempting to have minimal risk, but lower deductibles usually mean higher premiums. I'd rather stash the difference in a savings account and gamble on not needing it. But you're right—medium does seem like the sweet spot, especially if you don't have a huge emergency fund. It's all about balancing risk tolerance with financial reality...and accepting that sometimes life just throws curveballs no matter how carefully you plan.
