- Good points there, especially about comfort level. But what about stuff like hail or vandalism...ever worry about those? I'm still debating if it's worth the risk or not.
Honestly, hail and vandalism are exactly why I wouldn't skip comprehensive coverage. Sure, you might save a few bucks upfront, but one nasty hailstorm or some bored kid with a spray can and you're out hundreds—maybe thousands. Happened to my neighbor last year; woke up to his car looking like a golf ball after a freak storm. He'd dropped comp coverage to save money, and guess who ended up footing the bill? Yep, him.
I get wanting to trim costs, but insurance isn't where I'd personally cut corners. If you're worried about risk, maybe bump your deductible higher instead of ditching coverage altogether. That way you're still protected from major hits without paying crazy premiums every month. Just my two cents...
"If you're worried about risk, maybe bump your deductible higher instead of ditching coverage altogether."
Good point about raising the deductible—I often suggest that to clients who are hesitant about comprehensive coverage costs. Still, I've seen cases where a higher deductible ends up feeling just as painful if something does happen. Curious, has anyone here actually had to pay out a high deductible after damage? Did it still feel worth the monthly savings, or did you regret going that route...?
I had a client who went with a $1,000 deductible to save on premiums. Worked great for about two years until a deer jumped out and totaled his front end. He wasn't thrilled about paying that grand upfront, but when we crunched the numbers, he'd saved around $600 in premiums over those two years. So yeah, it stung at the moment, but overall he still came out ahead financially. Guess it depends how comfortable you are with that initial hit...
"Guess it depends how comfortable you are with that initial hit..."
Yeah, that's the real kicker, isn't it? I've had clients who swear by higher deductibles, but then again, I've also seen folks who'd rather pay a bit extra each month just to avoid that painful lump sum. Reminds me of a guy I worked with who chose a $2,500 deductible—brave soul. He was laughing all the way to the bank for three years until his teenage son backed into their mailbox (and fence... and neighbor's flower bed...). Suddenly, that deductible wasn't quite as funny.
Makes me wonder: how much risk would you guys be willing to stomach upfront to save on premiums? Is there a sweet spot you've found works best for you personally? Curious how everyone navigates this balancing act...
