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What's the best deductible to have on your insurance?
My car insurance company is offering deductibles between $0-$2,500. I'm not sure what I should select for comprehensive and collision insurance. What's recommended?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The most common deductibles that people carry on their
car insurance
is either $500 or $1,000. On average, these amounts are what most people would feel comfortable paying out of pocket while reducing the impact on their rate. Carrying a higher deductible for
collision coverage
or comprehensive coverage reduces your insurance costs. When you lower your deductible, your premium will increase.Look at your finances and see how much you can afford to pay for car insurance every month and what you could afford to pay out of pocket for a deductible. If you can’t afford a $500-$1,000 deductible, look at the cost of your insurance with a lower deductible. You could always lower your deductible now and save up enough money to raise your deductible in the future.
To save some cash for an emergency fund that can help you raise your deductible, consider the
Jerry
app. Sign up in minutes to compare quotes and find the best value for your hard-earned money.”View full answer
- Gregory R.
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