Should I get a $500 or $1,000 auto insurance deductible?

I was going to get a $500 deductible, but it turns out I can save $80 on a six-month policy if I get a $1,000 deductible instead. Which should I get?

If your deductible is lower, you’ll pay lower out-of-pocket costs and a higher premium.
If your deductible is higher, you’ll pay higher out-of-pocket costs and a lower premium.
Generally speaking, you should go with the amount you’re comfortable with, but keep a few things in mind when shopping for car insurance:
If, for example, your car is only worth $1,300, then it doesn’t make much sense to choose the more expensive deductible.
If you’re an accident-prone driver with a history of claims, then you may want to get the lower deductible.
You also need to make sure that you’ll actually be able to pay your deductible if you file a claim. If you don’t have a lot of cash on hand, then you may want to get the lower deductible.
Carol Chung
Answered on Apr 12, 2021

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