I get where you’re coming from. I’ve run the numbers a few times, and for me, it’s all about what I could actually pull together in an emergency. Here’s how I look at it: 1) Figure out your savings—could you cover that high deductible tomorrow if you had to? 2) Compare the monthly savings vs. the risk. 3) Think about your driving habits and area—lots of deer or city traffic? That ups the odds. Personally, I’d rather pay a bit more for peace of mind, but if you’ve got a solid emergency fund, maybe it’s not wasted money after all... just depends on your comfort level.
I totally get the peace of mind angle, but I keep thinking about how much more it stings if you actually have to cough up that high deductible.
That’s the kicker for me. I’ve got a couple of older cars, and honestly, I’m more worried about little fender benders than a total loss. Curious—do you guys factor in the age or value of your car when deciding on deductible amounts? For my ‘72 Chevelle, I’d rather not risk it, but my daily driver... maybe.“could you cover that high deductible tomorrow if you had to?”
I keep circling back to that question too—
—because, honestly, I’m not sure I could without dipping into savings I’d rather not touch. With my first car, I never even thought about the deductible, just wanted the cheapest monthly payment. Now I’m wondering if it makes more sense to pay a bit more each month and have a lower deductible, especially since my car isn’t worth a ton. Has anyone actually had to pay out a high deductible and regretted it later?“could you cover that high deductible tomorrow if you had to?”
I’ve actually had to cough up a $1,000 deductible once after a fender bender, and let me tell you, it stung way more than I expected. I kept thinking, “Was saving $20 a month really worth this pain?” But then again, if you never have an accident, that extra cash in your pocket feels pretty sweet. Does anyone else feel like insurance is just a gamble either way? Or am I just unlucky with my timing?
- Been there, felt that pain—had to shell out $750 once after a minor scrape with my ‘72 Chevelle.
- I always think about the math: higher deductible = lower monthly, but you gotta have that cash ready just in case.
- Honestly, it does feel like a gamble. I keep my deductible at $500 now, just so it doesn’t wreck my budget if something happens.
- For daily drivers, maybe it’s worth the risk... but for my classics? No way, I play it safe.