I get where you're coming from, but honestly, I’ve gone the higher deductible route for years and it’s worked out. Had a minor scrape last winter—just buffed it out myself. For me, the monthly savings add up, and I don’t mind rolling the dice a bit.
Would You Risk A Higher Deductible To Lower Your Insurance Bill?
I get the appeal of saving on premiums, but I’ve always been a bit wary of the high deductible gamble—especially with a family car. Maybe it’s just my luck, but every time I think we’re in the clear, something random happens. Last year, my daughter’s friend accidentally slammed her bike into our minivan. Not a huge deal, but the repair cost was just over our deductible. If we’d gone higher, that would’ve stung.
I totally see how the math works out if you rarely file claims and can handle minor stuff yourself. But for me, with kids and all their activities (and questionable parking skills), I’d rather pay a bit more each month and not have to stress about a big bill if something goes sideways. Plus, there’s always that nagging feeling—what if it’s not just a scrape next time? Like, what if someone rear-ends you or you get caught in one of those hailstorms that seem to come out of nowhere lately?
I guess it comes down to risk tolerance and how much you’ve got set aside for emergencies. If you’re handy and don’t mind dealing with small repairs yourself, sure, higher deductible could make sense. But if you’re like me and want peace of mind (and less drama when the unexpected happens), sometimes paying a little extra is worth it.
Not saying one way is right for everyone... just sharing what’s worked (or not) for us after a few too many “oops” moments in the driveway.
I get where you’re coming from, but I actually lean the other way. I’ve had my share of fender benders and tickets (not proud), so my premiums are already high. For me, going with a higher deductible is almost the only way to keep things affordable.
Here’s how I look at it:
1. Figure out how much you’d save per year by raising your deductible.
2. Multiply that by a few years—say, 3-5—to see if the savings outweigh the risk of paying more out of pocket once in a while.
3. Set aside the difference in a “car emergency” fund.
“I guess it comes down to risk tolerance and how much you’ve got set aside for emergencies.”
That’s key. If you can stash away what you save, it softens the blow when something does happen. Not saying it’s stress-free, but for those of us who get hit with higher rates anyway, sometimes it’s the only math that works.
Yeah, I’m in the same boat—my record isn’t spotless, so my rates are already brutal. The higher deductible is pretty much the only way I can keep my monthly payments from getting out of hand. I do worry about that “what if” moment, but honestly, if I didn’t stash away the difference like you said, I’d be sunk. It’s not ideal, but it’s better than paying sky-high premiums every month for years and never needing it. Sometimes you just gotta play the odds and hope for a lucky streak...
I get where you’re coming from. It’s a tough call, especially when your driving history isn’t spotless. I’ve gone the higher deductible route too, but I always keep a little emergency fund just in case. It’s not perfect, but sometimes you just have to make the numbers work.