"Eventually, I bumped up my deductible a bit and started setting aside that extra money each month into savings."
Makes sense, but honestly... from what I've seen, not everyone has the discipline to actually put that extra cash aside. I've had clients swear they'd save the difference, only to blow it on pizza or whatever. Still, if you're genuinely committed, it can definitely pay off. Just gotta be realistic about your habits and budget first.
Bumping up the deductible can work, but like you mentioned:
"I've had clients swear they'd save the difference, only to blow it on pizza or whatever."
That's exactly it. People always think they'll be disciplined until that money's sitting in their account tempting them. Curious though, has anyone actually had to pay their higher deductible yet? Did it feel worth it when the time came, or was it more stressful than expected...?
I've wondered about this too, honestly. Like, it's easy to say you'll stash away the savings each month, but when it's Friday night and you're tired after work, suddenly pizza seems way more appealing than financial discipline, lol.
But here's what I'm curious about—has anyone here actually done the math on how long it takes for the monthly savings to cover that higher deductible? Like, if you bump your deductible from $500 to $1,000 and save maybe $20 or $30 a month, that's gonna take quite a while before you've really "saved" enough to offset the risk, right?
I ask because I was thinking about doing this myself recently. My car's older, so I figured I could gamble a bit and raise the deductible to save some cash. But then I started wondering...what if something happens next month? I'd be out way more than I'd saved. So now I'm stuck in indecision mode.
Also, has anyone noticed if insurance companies tend to drag their feet more when you have a higher deductible? Like, do they treat claims differently when they know you're paying a bigger chunk upfront? Or is that just me being paranoid?
Did the math once when I was debating this myself... if you're only saving like $20/month, it'd take over two years just to break even. Personally, didn't seem worth it—especially with my luck on road trips, lol. Never noticed insurance dragging feet though, deductible didn't seem to matter.
Did the same math a while back and came to pretty similar conclusions. A few things I noticed though:
- You're right, saving $20/month doesn't feel like much, especially when you factor in how long it takes to break even. But sometimes it's more about peace of mind than pure numbers.
- Had a friend who went with a higher deductible to save cash upfront, then got hit with a surprise repair bill after a minor accident. He wasn't thrilled about shelling out $1k unexpectedly, but he still felt okay about it since he'd saved for almost three years beforehand.
- Personally, I've stuck with a lower deductible because I know my luck—kids spilling juice in the backseat, random potholes, and the occasional deer deciding to cross at the worst possible moment. For me, paying a little extra each month is worth avoiding that sudden big expense.
- Interesting you haven't noticed insurance dragging their feet. I've had mixed experiences—sometimes they're quick and easy, other times it feels like pulling teeth just to get reimbursed.
In the end, it's really about your comfort level and how much risk you're willing to take on. If you're young and strapped for cash, I totally get why you'd want to trim expenses wherever possible. Just make sure you've got some emergency savings tucked away if you do decide to bump up that deductible... Murphy's law loves cars.
