What deductible should I have with full coverage?

I am adding comprehensive and collision coverage to my car insurance. I have to choose a deductible. What's better: $500 or $1000?

Answer
“When determining a deductible for your car insurance, it’s important to look at your finances.
When you choose a deductible, it’s the amount you’ll pay before your comprehensive insurance or collision insurance kicks in.
For example, if your deductible is $500 and someone breaks your window causing $1,000 worth of damage, you’re responsible for paying $500 and your insurance would cover the other $500.
If you think you can afford a higher deductible, it’s typically recommended as you can save money on your insurance premium. The higher your out of pocket costs are, the lower your premium is. Most experts recommend having an emergency fund for your car insurance deductible.
However, if you don’t think you can afford a higher deductible or aren’t able to save, you should carry something you’ll be able to afford. While you may be paying a higher cost up front, you’re ensuring that paying your deductible won’t cause financial hardship. You can also work towards saving to raise your deductible in the future.
In addition, you should also compare comprehensive and collision rates on Jerry. By signing up, you can compare quotes based on the deductible you want and save the most money possible.”
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Emily Maracle
Answered on Sep 09, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
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