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What deductible for comprehensive and collision should I choose?
There are a few things you want to keep in mind when you
set your comprehensive and collision deductibles. Namely, can
you come with the amount of your deductible in a short amount
of time to get your vehicle fixed and are you saving more
money by having a high deductible or would you better off
with a lower deductible and paying a slightly higher premium?
If you go with a $500 or $1000 deductible or higher you want
to be able to have the financial resources to come up with this money
to get your vehicle fixed in a short amount of time. If you see
this as potentially being a problem you would want to select
a lower deductible, $100, $200, $300, etc.
Now the other side of the coin is that the higher the deductible the
lower the premium and the lower the deductible the higher the premium.
If you save enough money throughout the year by having a $1000 deductible
compared to a $500 than by all means do so. Ideally you would want to
be saving $500 or more per year for this to work to your advantage.
However, if you only save a couple hundred a year by increasing your
deductible from $500 to $1000 you may want to consider leaving it at
$500 unless you're really hurting for the cash and need your premium
payments as low as possible.
Remember when trying to save money by having a high deductible you want
to make sure you will have the means to come up with the high deductible.
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