How to Choose the Right Comprehensive Deductible
- What is a comprehensive deductible?
- What comprehensive deductible should I get?
- How much comprehensive insurance is enough?
- How to find the best rates on comprehensive insurance
A high deductible can mean lower premiums but big costs in the event of an accident, so make sure you can always afford to pay your deductible.
If you’re trying to figure out how to choose the right comprehensive deductible, you’re in luck! The car insurance comparison shopping app Jerry has compiled everything you need to know to make an informed decision.
And if you’re shopping for comprehensive car insurance, Jerry can help with that, too. Jerry will generate competitive quotes from top providers in less than a minute and gathers your information from your past insurer, so you’re not responsible for any long forms or phone calls. You get all the savings and coverage, without the extra work.
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What is a comprehensive deductible?
A comprehensive deductible determines how much you will pay for repairs before your comprehensive insurance policy kicks in.
Comprehensive insurance is optional, but it provides plenty of added assurance. It protects you against the cost of things other than collisions that might happen to your car—things like storm damage, theft, vandalism, floods, and fires.
States don’t require you to purchase comprehensive insurance as part of your minimum coverage, so if you want comprehensive coverage, you’ll have to add it to your policy. And when you do, you’ll want to set a comprehensive deductible that helps you get the best value out of your coverage.
The higher the comprehensive deductible you choose, the more you will save on the cost of your premiums.
Key Takeaway A comprehensive deductible is what you pay for repairs before your comprehensive insurance kicks in—and it’s not mandatory, so you’ll need to add it to your policy if you want it.
What comprehensive deductible should I get?
The right comprehensive deductible for you is the one you can afford to pay if you need to file one or more claims.
Comprehensive deductibles typically range from $250 to $1,000. Generally speaking, the higher you set your deductible, the lower the cost of your comprehensive insurance.
If you set your deductible at $350, for example, you can expect to save about 15% off the cost of your premium. A deductible of $1,000 will save you about 40%.
Why you should avoid a high comprehensive deductible
Setting a high deductible might seem like an easy way to save, but you could easily end up paying more in the long run.
The higher your deductible, the more you’ll have to pay each time you make a comprehensive insurance claim. You’ll also be more likely to have to cover claimable expenses out of pocket—after all, it doesn’t make sense to claim repairs that cost less than your deductible!
This is especially true if you’re likely to make multiple comprehensive claims. If you live in an area prone to frequent hail storms, for example, you could quickly end up paying more in deductibles than you would save on your premium.
Key Takeaway A high deductible might save you money on your premium, but costs can add up quickly if you need to make multiple comprehensive claims.
How much comprehensive insurance is enough?
Unlike basic liability insurance, you can’t choose how much comprehensive insurance you want to purchase. Comprehensive insurance always covers the actual cash value (or ACV) of your car just before an accident, minus the amount of your deductible.
Your adjuster will determine the ACV of your car after an accident. If your vehicle is totaled and you disagree with a settlement, you can dispute the assessment. Your payout should also include any fees or taxes you paid to purchase the car.
How to find the best rates on comprehensive insurance
Comprehensive insurance is optional, and trying to find the best rates across providers can be a real pain. Jerry is a free insurance shopping app—and the easiest (and fastest!) way for you to compare multiple car insurance quotes.
Jerry eliminates all the usual hassles that come with trying to compare insurance rates and helps you save money doing it. Signing up takes less than a minute, and then you’ll enjoy quotes from more than 40 top insurance companies in the country. Choose the policy you want and let Jerry handle the rest.
The average Jerry user saves $879 per year on their car insurance premiums!
“My favorite thing about this app is that you can really specifically tailor a custom car insurance plan and quickly see which company will offer that for the lowest price. Then you can tweak one or more variables and request another quote, and you’ll have your new answer in like, two minutes. I found the exact car insurance plan I wanted for over $100 less per month. This app is quick, easy to use, and painless. Thanks, Jerry!” —Satisfied Jerry customer
Comprehensive deductible vs collision deductible—which one should I increase to save money?
If you want to save on your premiums, consider upping your collision insurance deductible instead. Comprehensive coverage is generally very affordable and having easy access to that coverage is usually worth the price of the premium.
Will comprehensive claims increase my rates?
Collision or liability claims will almost always increase your premiums—but not comprehensive claims. In most cases, comprehensive insurance claims won’t affect your rates unless you file multiple claims in a short period.
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