I get where you’re coming from, but I actually lean the other way. I’d rather keep my deductible higher and save on premiums, since most years I don’t end up filing a claim at all. Sure, there’s always that risk of something random—like your tree branch—but for me, it’s worth betting on the odds. If I had to pay out of pocket once every few years, it still might be cheaper overall. Guess it depends how much risk you’re comfortable with.
I totally get the logic behind keeping the deductible high to save on premiums—makes sense if you rarely file claims. For me, though, with a pricier car, I try to break it down step by step before deciding. First, I check how much I’d actually save per year by raising my deductible. Sometimes the premium drop isn’t as big as you’d expect, especially with certain luxury models.
Next, I look at my emergency fund. If something happens—like a cracked windshield or a fender bender—can I comfortably cover that higher deductible without messing up my budget? If not, I’d rather pay a bit more each month for peace of mind.
One time, I bumped my deductible up thinking I’d never need it... then a shopping cart took out my door panel in a parking lot. Ended up paying way more out of pocket than what I saved on premiums that year. Since then, I just run the numbers every renewal and see what makes sense based on my current situation. Sometimes it’s worth the risk, sometimes not. Just depends how much cushion you’ve got and how unlucky you tend to be!
I hear you on the “run the numbers every renewal” approach. I’ve seen folks get burned by high deductibles more than once—usually it’s the smaller stuff, like you mentioned with the shopping cart, that sneaks up on people.
You nailed it with this:
Sometimes the premium drop isn’t as big as you’d expect, especially with certain luxury models.
I’ve had clients come in thinking they’d save hundreds by bumping their deductible, but when we actually priced it out, the difference was like $10 a month. Not worth the stress unless you’re sitting on a pretty solid emergency fund.
Honestly, I’m a bit skeptical about going high-deductible just for the sake of it. If you’re the type who parks far away from everyone and barely drives, maybe. But life’s random. Last year, I had a guy with a spotless record get side-swiped in his own driveway. Stuff happens, and sometimes peace of mind is worth a few extra bucks a month.
I get where you’re coming from. I’ve run the numbers myself and, honestly, the savings just weren’t that impressive for me either. It’s wild how a $500 jump in deductible sometimes only shaves off a few bucks a month. I’d rather pay a little more and not stress every time I park at the grocery store. Peace of mind’s worth something, even if it’s not easy to put a price on it.
I totally get the “peace of mind” thing—like you said,
But I keep wondering, is there ever a point where the higher deductible actually makes sense? Like, if you’re a super careful driver or barely use your car, does it really make sense to pay extra every month for a lower deductible? Or is it just one of those things where you’re basically paying for the “what if” factor?“I’d rather pay a little more and not stress every time I park at the grocery store.”
Also, does anyone actually save enough with the higher deductible that it feels worth it? I tried plugging in different numbers on those online calculators, but the difference was always so tiny. Maybe it’s different if you have a really expensive car or live somewhere with more accidents? Just curious if anyone’s actually seen big savings, or if it’s mostly just a marketing thing.