Guess it comes down to how much risk you’re comfortable with.
That’s pretty much the heart of it. I get where you’re coming from—if you’ve barely ever filed a claim, it can feel like you’re just tossing money away on lower deductibles. But I’ve seen folks get hit with a big repair bill out of nowhere and suddenly wish they’d paid a bit more each month. Out of curiosity, do you ever adjust your deductible as your car ages, or just set it and forget it?
I’ve been wrestling with this exact thing since I started shopping for insurance. Here’s what I landed on:
- Lower deductible = higher monthly, but less panic if something happens.
- Higher deductible = cheaper now, but could sting later.
I’m leaning toward raising my deductible as my car gets older and isn’t worth as much. But then again, what if I get unlucky? Anyone else ever regret not switching their deductible sooner, or is it mostly just set-and-forget for most people?
HIGHER DEDUCTIBLE SOUNDS GOOD... UNTIL IT DOESN'T
I get the logic behind raising the deductible as your car ages, but honestly, if you’ve got a less-than-perfect driving record (like me), it’s risky. I tried bumping mine up to save cash, then got rear-ended—ended up paying way more out of pocket than I’d saved. Sometimes that “set-and-forget” mindset bites you later. Just my two cents.
Sometimes that “set-and-forget” mindset bites you later.
Yeah, I’ve seen that play out a bunch. Folks think they’re outsmarting the system by cranking up the deductible, then life throws a curveball. Had a guy last year who did the same—saved $12 a month, then got T-boned and had to cough up $1,000 he didn’t have. Discounts like military or safe driver are great, but sometimes it’s just not worth risking your wallet for a few bucks saved. Gotta weigh how much pain you can handle if luck runs out.
Gotta weigh how much pain you can handle if luck runs out.
That’s the key, really. I’ve seen people get too focused on the monthly premium and overlook the bigger picture. It’s tempting to chase those discounts—military, safe driver, whatever—but then they jack up the deductible to the ceiling just to shave off a few bucks. I get the logic, but as someone who’s had classic cars in the shop more than once, I can say it stings when you suddenly have to shell out a grand or more.
Sometimes, folks don’t realize that older or specialty vehicles can have different repair costs too. I had a friend with a ‘69 Mustang, and a minor fender bender cost way more than he expected. He thought his insurance would cover most of it, but that high deductible wiped out his savings.
Discounts are great, but like you said, it’s about knowing your own risk tolerance. Saving $10 a month isn’t worth it if it means you’re one accident away from real financial trouble.
