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How much do higher deductibles actually save on a Kentucky quote?
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When getting auto quotes in Kentucky, how much difference do higher deductibles usually make to the premium? I’d want to compare collision and comprehensive separately, with the liability limits and other policy details held constant, since raising one deductible may save a different amount than raising the other.
Is there a useful way to judge whether the annual savings justify taking on more out-of-pocket cost after a claim? And if there’s a loan on the car, can the lender set limits on the deductibles?
2 replies
A rough break-even rule is to divide the deductible increase by the annual premium savings. If the deductible goes up by $500 and that coverage saves $100 a year, that’s five claim-free years to make up the difference after one claim at the higher deductible. I’d run that separately for collision and comprehensive, then weigh the result against how long you expect to keep the policy and whether you could comfortably cover the extra $500 if you had a claim. It’s a useful comparison, not a prediction that you’ll have exactly one claim.
The lender’s deductible limit is worth checking before comparing the higher-deductible quotes. Loan or insurance requirements may cap the deductible, so a quote that looks cheaper could still be off the table if it exceeds that limit.
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