Would you risk a higher deductible to lower your insurance bill?

For me, I drive an old Accord that’s not worth much on paper, but I’ve had it forever and every little ding bugs me way more than it should. Do you think it makes sense to keep full coverage on a car like that, or is there a point where you just accept the risk and pocket the savings?

- Been there with my minivan—she’s a family member at this point, even if the blue book says otherwise.
- Full coverage on an older car is kind of like buying gourmet food for a goldfish. Feels nice, but is it really necessary?
- If your deductible is higher than the value of your car, you’re basically insuring your nostalgia, not your ride.
- Personally, I dropped full coverage once the cost of insurance started looking like a second car payment. Liability only now, and I just cross my fingers (and maybe park a little further from shopping carts).
- Only exception: if you’d lose sleep over a total loss, or if you live somewhere with lots of uninsured drivers or crazy weather, maybe hang onto it a bit longer.

At the end of the day, it’s about what helps you sleep at night. For me, I’d rather save the cash for the next round of mystery dashboard lights.

If your deductible is higher than the value of your car, you’re basically insuring your nostalgia, not your ride.

That hits home. I kept full coverage on our old Sienna way too long just because I was attached. In hindsight, should’ve dropped it and put the extra money toward all those “character-building” repairs.

I get it—sometimes you just can’t let go of a car, even when the math says you should. I had a soft spot for my old 7-series BMW. Kept full coverage on it way past its prime, mostly because I couldn’t face the idea of something happening to “the beast” and not being able to fix it up. My insurance agent gently tried to talk me out of it, but nostalgia’s a powerful thing.

Now, with my current ride, the deductible question is a whole different animal. I mean, repairs on these newer luxury cars can get wild. One time, a parking lot fender bender cost more than my first used Civic. So I keep my deductible a bit lower than I probably need to, just for peace of mind. I know I’m paying more each month, but the thought of shelling out a few grand all at once if something happens... yeah, no thanks.

But I totally get the logic of dropping coverage or raising the deductible when the car’s value drops. It’s just tough to be rational when you’ve got memories tied up in a vehicle. Sometimes it’s less about the numbers and more about not wanting to say goodbye to an old friend, even if that friend’s worth less than your insurance bill.

Funny how cars do that to us. They’re just metal and plastic, but somehow they end up feeling like part of the family.

My insurance agent gently tried to talk me out of it, but nostalgia’s a powerful thing.

I get where you’re coming from, but I actually lean the other way on deductibles. For me, it’s about minimizing the monthly outflow, even if it means taking a bigger hit if something goes wrong. Like you said, “the thought of shelling out a few grand all at once if something happens... yeah, no thanks,” but I’d rather take that risk than pay more every month for years. I just make sure I’ve got an emergency fund set aside for those “what if” moments. It’s not for everyone, but it helps me sleep at night knowing I’m not overpaying in the long run.

I hear you on the emergency fund—having that buffer does make a higher deductible feel less risky. For me, though, the numbers just don’t add up. With my driving record, my premiums are already higher than most, so bumping up the deductible doesn’t save me as much as I’d like.

“I’d rather take that risk than pay more every month for years.”