Good points overall, but one thing I'm still unsure about is how often people actually reassess their deductible choice. Like, do you guys revisit your deductible every renewal period, or only when something major changes (new car, job switch, etc.)? Personally, I tend to stick with what I've got unless there's a big shift in my finances or driving habits... maybe that's not the best approach though. Curious how others handle this.
"Personally, I tend to stick with what I've got unless there's a big shift in my finances or driving habits..."
Honestly, that's pretty common and not necessarily a bad thing. But I'd argue it's worth a quick check every renewal—takes like 10 mins tops—to see if your deductible still aligns with your current risk tolerance and savings cushion. Small habit, potentially decent savings.
I get the logic behind checking every renewal, but honestly, I usually end up sticking with mine too. Last time I thought about lowering my deductible, I did the math and realized I'd have to pay quite a bit more each month. Didn't seem worth it since I'm careful and haven't had an accident in years (knock on wood...). Still, not a bad idea to at least glance at options once in a while—things change, after all.
I've stuck with a higher deductible too, mostly because the monthly savings add up over time. But one thing I wonder about is if anyone's ever regretted it after an accident or unexpected event? Like, did the upfront savings still feel worth it when you suddenly had to pay out of pocket? I've been lucky so far, but it's always in the back of my mind...
I've thought about that too, but honestly, the peace of mind from a lower deductible can sometimes outweigh the monthly savings. Had a friend who went high deductible, saved nicely for a year or two, then bam—fender bender. Suddenly, he had to cough up $1,500 out of nowhere. He wasn't thrilled, to say the least. Makes me wonder if the savings are really worth the stress when something does happen...
