I dug into this a while back, actually. My insurance agent ran the numbers for me when I was shopping around, and even if I doubled my deductible, the monthly savings were like... $12? Over five years, that’s not even enough to cover one accident unless I never file a claim. I get why people do it if their rates are low, but for those of us with a couple dings on our record, it just doesn’t add up. Funny how the “big savings” pitch falls flat once you do the math.
Yeah, I ran into the same thing when I was comparing quotes last year. Everyone talks about how much you’ll save with a higher deductible, but when you actually crunch the numbers, it’s barely noticeable—especially if you’ve got a not-so-perfect driving record. I guess if you’re super confident you’ll never need to file a claim, maybe it makes sense? Personally, I’d rather pay a few extra bucks a month and not stress about coughing up a huge chunk if something happens on a road trip. Just doesn’t seem worth the gamble for such a tiny monthly drop.
I hear you on the deductible thing. I’ve been down that road a few times, especially with my old Mustang—insurance companies love to jack up rates for “specialty” cars, so I’ve looked at every angle. Here’s how I usually break it down:
First, I check what the actual difference is in premium between, say, a $500 and $1,000 deductible. Sometimes it’s like $8 a month… which honestly isn’t worth sweating over if you ever need to make a claim. If you’re driving something you really care about (or if you’re not exactly lucky with parking lots), that peace of mind is worth more than the tiny savings.
But if your car’s mostly a weekend cruiser and you’ve got a clean record, maybe bumping up the deductible makes sense—just stash the difference in a “car fund” in case something happens. For daily drivers or folks who rack up miles, though, I’d rather pay a bit more monthly and not worry about getting hit with a big bill after an accident.
At the end of the day, it’s all about what helps you sleep at night. For me, that’s knowing I won’t have to shell out a grand if someone dings my fender at Cars & Coffee...
- Had a similar debate with myself when I picked up my ‘72 Chevelle.
- Ran the numbers—upping the deductible only saved me about $10/month.
- One fender bender at a show and I’d be out way more than I saved over a few years.
- Ended up sticking with the lower deductible, just for peace of mind.
- Guess it depends how much you drive and how “lucky” you feel... but for me, classic cars are too much of an investment to gamble on a higher out-of-pocket bill.
I keep going back and forth on this. On one hand, I get the peace of mind thing—my luck is usually the kind where if I *don’t* have coverage, that’s exactly when a shopping cart will find my car in a parking lot. But then again, $10/month adds up over time, right? If I go a few years without a claim, that’s a couple hundred bucks just sitting in the insurance company’s pocket instead of mine.
I’m also wondering if it makes a difference how you store your car. Mine’s in the garage most of the time, barely sees daylight except for weekend drives. Does that make the higher deductible less risky? Or am I just tempting fate by thinking like that? I mean, I’d rather spend the savings on new tires or something fun, but maybe I’m just being cheap...
Anyone else ever actually *used* their insurance on a classic? Or is it just one of those things you pay for and hope you never need?
