Good points all around. I've kept my deductibles pretty low myself—had a fender bender last year and was glad I didn't have to dig too deep into savings. It's really about how much risk you're comfy with...and how often your luck runs out, haha.
Keeping deductibles low can definitely ease stress when accidents happen, but have you considered how often you actually make claims? Sometimes slightly higher deductibles can save quite a bit on premiums over the years...depends how much cushion you've got in savings, I guess.
Good points there, but from what I've seen, people often underestimate how quickly small claims can add up—especially with minor fender-benders or windshield cracks. Sure, higher deductibles lower your premiums, but even a couple smaller incidents can wipe out those savings pretty fast. It really comes down to your driving habits and risk comfort...but personally I'd rather pay a bit more upfront and not stress about unexpected hits to my savings later.
I get what you're saying about small claims adding up, but honestly I've been driving with higher deductibles for years without any real issues. Sure, there's always that risk, but I figure if I can stash away the savings from lower premiums into an emergency fund, I'm basically self-insuring those smaller things anyway. Knock on wood, haven't had to use it yet... but I do drive pretty carefully. Guess it's just about knowing yourself and your comfort zone.
"I figure if I can stash away the savings from lower premiums into an emergency fund, I'm basically self-insuring those smaller things anyway."
That's exactly how I've been approaching it too. But I keep wondering—am I really disciplined enough to consistently put aside the premium savings into that emergency fund? A few years back, I bumped my deductibles higher to save cash, thinking I'd stash the difference. Truth is, life happened—a couple unexpected bills popped up, and suddenly that "insurance savings" fund was looking pretty slim.
Have you actually set up a separate account for this, or is it more of a mental note kinda thing? I'm just thinking maybe having a dedicated account would help me stay on track... otherwise it's way too tempting to dip into it for non-emergencies. Curious how others handle this.