I get what you mean about it feeling like a gamble. I used to always go for the higher deductible just to keep my premiums down, but then last year, someone keyed my car in a grocery store parking lot. Not even a fancy neighborhood, just random bad luck. The repair bill was way more than my deductible, and I ended up regretting not having a lower one.
With a pricier car, I’ve realized those “what are the odds” moments can get expensive fast. But at the same time, I hate overpaying for insurance I might never use. It’s kind of a toss-up—if you can comfortably cover a higher deductible in an emergency, maybe it’s worth the risk. But if an unexpected bill would really sting, playing it safe isn’t just paranoia... it’s peace of mind. I guess it comes down to how much risk you’re willing to live with and how much you trust your luck (or other drivers).
Picking a deductible really does feel like rolling dice sometimes, but I think people overthink the “peace of mind” angle. I get what you’re saying about an unexpected bill stinging, but isn’t that the whole point of insurance—to cover you for the big stuff, not every little scratch?
It’s kind of a toss-up—if you can comfortably cover a higher deductible in an emergency, maybe it’s worth the risk. But if an unexpected bill would really sting, playing it safe isn’t just paranoia... it’s peace of mind.
Here’s where I push back a bit. If you’re driving a pricier car, sure, repairs can be expensive. But if you’re that worried about every little ding or scrape, why not just set aside a “car fund” instead of paying higher premiums year after year? Insurance companies aren’t in this to lose money—they know most people won’t make a claim. In my experience, the higher deductible almost always wins out in the long run, unless you’re the unluckiest person on the planet.
I’ve had classic cars keyed, dented, even had a windshield smashed by a stray baseball once (don’t ask). Most of the time, I just paid out of pocket because the repair cost didn’t justify filing a claim and risking my rates going up. The one time I did have a big claim, the higher deductible still saved me money overall compared to what I would’ve paid in extra premiums over the years.
Not saying your approach is wrong, but I think people get too caught up in the “what if” scenarios. At some point, you just have to decide if you’re insuring for catastrophes or for every random parking lot mishap. If you’re losing sleep over it, maybe a lower deductible makes sense. But for most folks, especially if you can afford a pricier car in the first place, taking the gamble with a higher deductible isn’t as risky as it feels. Just my two cents—maybe I’m too practical about it, but I’d rather keep my cash than hand it over to the insurance company for nothing.
Couldn’t agree more with the idea that insurance is for the big stuff, not every single scratch or ding. I’ve got three kids and a minivan that’s seen its share of parking lot mishaps—honestly, if I filed a claim every time someone opened a door into us, my premiums would be through the roof. I’d rather put a little aside for minor repairs and keep my deductible higher. The only time I’d consider lowering it is if I suddenly couldn’t cover a big bill out of pocket, but otherwise, I’d rather not pay extra just for “peace of mind” that I rarely need.
I’d rather put a little aside for minor repairs and keep my deductible higher.
That’s pretty much my approach too. I mean, if I claimed every time my car got a new “character mark,” I’d probably be on a first-name basis with the adjuster by now. But do you ever wonder if there’s a sweet spot? Like, is there a point where the higher deductible just isn’t worth the savings on premiums? Sometimes I look at the numbers and think, am I actually saving money or just rolling the dice and hoping my luck holds out?
Honestly, I keep going back and forth on this. The idea of a higher deductible sounds good when you’re looking at the monthly savings, but then I start thinking about what would happen if I actually needed to file a claim. I’m not sure I’d be comfortable shelling out a big chunk all at once, even if it’s rare. Maybe it’s just me, but sometimes peace of mind is worth a few extra bucks a month... especially when you’re on a tight budget.
