"Ended up going with $500 because that's about what I could handle without freaking out too much."
Haha, that's pretty much the sweet spot for most people. I always tell clients it's like choosing between stubbing your toe or stepping on a Lego—both hurt, but one's definitely more manageable...
I get why $500 feels like the sweet spot, but honestly, I've found going a bit higher can sometimes make more sense—especially if you're driving something pricier. When I first got my car, I stuck with the $500 deductible because it felt safe and manageable. But after a couple of years without any claims, I realized I was basically paying extra premiums for peace of mind I didn't really need.
I bumped mine up to $1,000 and put the difference in premiums into a separate savings account each month. That way, if something does happen, I've already got the deductible covered. If nothing happens, well... that's extra money for maintenance or upgrades down the road. It's not for everyone, obviously, but if you're comfortable setting aside a little cash regularly, it can actually save you money in the long run. Just something to consider.
"I bumped mine up to $1,000 and put the difference in premiums into a separate savings account each month."
That's actually a pretty smart approach. I've always been cautious about raising my deductible too high, especially since I drive a classic that's not exactly cheap to fix. But your method of setting aside the premium difference makes sense—it's like building your own safety net. I might give that a shot myself, at least partially. Right now I'm still at $500 because the thought of shelling out a grand unexpectedly makes me nervous, but your idea seems like a good middle ground. Thanks for sharing that perspective... definitely food for thought.
I actually did something similar when I first got my license—went with a higher deductible to save cash. Worked fine until I backed into a mailbox... suddenly that $1,000 felt like a fortune. Lesson learned, haha. Now I'm back at $500, but your savings idea might've saved me some grief.
"Worked fine until I backed into a mailbox... suddenly that $1,000 felt like a fortune."
Haha, ouch... been there. It's funny how quickly that deductible goes from "smart savings" to "painful regret." I've always wondered if there's a sweet spot between saving money and not stressing too much when something happens. Personally, I stick around $500 too—feels like a decent balance. But I guess it depends on how often you drive, where you live, and how comfortable you are with risk. Glad you found what works for you though, live and learn, right?
