That's a good point about reassessing regularly—I learned that the hard way a few years back. Had an older Jeep Wrangler that I loved for road trips, camping, you name it. At first, I kept a pretty high deductible because I figured it wasn't worth much and repairs were cheap enough. But then prices started climbing (who knew old Jeeps could get trendy?), and I didn't even think to adjust my deductible.
Well, one summer on a cross-country trip, a deer decided to jump out in front of me at dusk. Thankfully, no one got hurt, but the Jeep took a decent hit—hood, bumper, lights...the works. The repair bill was higher than I expected, and since I'd left my deductible up around $1k thinking "no big deal," it stung quite a bit more than I'd planned.
Ever since then I've gotten into the habit of checking in every year or so to see if anything's changed with my finances or the car's value. Definitely worth the five minutes it takes to avoid another surprise like that...
"Ever since then I've gotten into the habit of checking in every year or so to see if anything's changed with my finances or the car's value."
That's honestly smart advice. I drive a luxury sedan myself, and initially, I figured a high deductible made sense—thinking I'd save on premiums. But after a minor fender bender turned into an eye-watering repair bill (those fancy sensors don't come cheap...), I quickly reconsidered. Now I reassess annually too; peace of mind is worth those few extra minutes.
"peace of mind is worth those few extra minutes."
Couldn't agree more. A lot of folks automatically assume lower deductibles mean throwing money away, but it really depends on your situation. If you have a newer vehicle loaded with tech (like your luxury sedan), repairs can skyrocket fast. I usually suggest people think about what they could comfortably pay out-of-pocket without breaking a sweat—then set the deductible around that amount. Checking yearly is definitely smart, since finances and car values change quicker than you'd think...
I usually suggest people think about what they could comfortably pay out-of-pocket without breaking a sweat—then set the deductible around that amount.
Totally agree with your point about yearly checks. I used to stick with higher deductibles to save a bit each month, but after an unexpected windshield replacement (those sensors are pricey...), I reconsidered. Now I balance savings with realistic risk—lesson learned the hard way!
That's a solid strategy you've got there. I used to think low deductibles were always the safest bet, but honestly, your idea of setting it around what you can comfortably handle makes a lot of sense. Had a similar wake-up call myself when my side mirror got clipped in a parking lot—never realized how pricey those little things could be. Now I always weigh the monthly savings against those random surprises...lesson learned indeed.
