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Car Insurance
Posted on 1/5/16 at 6:28 pm
Posted on 1/5/16 at 6:28 pm
Quick question.
Is it financially smarter to have a higher deductible on your car insurance policy, which translates to a much lower premium, if you're financially stable and can easily cover the deductible if needed?
I feel as if I'm throwing money away by paying a higher premium just to have a lower deductible on something I never use. Everyone goes to the doctor every year (hopefully) so I understand the reason why a lower deductible on health insurance is desired, but no one (hopefully) gets into a car wreck every year.
Is it financially smarter to have a higher deductible on your car insurance policy, which translates to a much lower premium, if you're financially stable and can easily cover the deductible if needed?
I feel as if I'm throwing money away by paying a higher premium just to have a lower deductible on something I never use. Everyone goes to the doctor every year (hopefully) so I understand the reason why a lower deductible on health insurance is desired, but no one (hopefully) gets into a car wreck every year.
2
Posted on 1/5/16 at 6:34 pm to Rico Tubbs
I don't think a high deductible is necessary. If you are healthy, a high deductible health plan combined with an hsa can be a good deal
Posted on 1/5/16 at 9:55 pm to Rico Tubbs
quote:
Everyone goes to the doctor every year (hopefully)
I haven't been in years.
I look at the deductible versus premium from a break even standpoint. For example if looking at a $1000 versus $250 deductible and the monthly premium difference is $10, then it would take 75 months for me to break even if I chose the higher premium. Do you think you'll be in an at fault accident within that time frame? Statistically it depends on how much you drive, where you're located, etc. to make that decision. Obviously this excludes the comprehensive deductible but you get the point.
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