Low vs High Deductible for Auto Ins

SueBee

SueBee

New Member
Location
Central Kansas
My auto insurance rates have gone up yet again; policy renewal is Sept 14th. My car (2018 Subaru Crosstrek) is older, I drive fewer miles, now live in a rural area, and yet, up go the premiums... I currently have $500 deductible and am considering changing to $2000. Until three years ago, I lived in Southern California when I up and moved to middle of the country. I've never had an accident, a ticket, or filed a claim in all the years being insured. I'm now 71. My auto is bundled with an umbrella and my home policy. I live comfortably on my social security, have limited savings, no investments. I'd love to hear pros and cons of the higher deductible. Thank you.
 

Car insurance has gone Waaaay Up in the past year or two, with some States seeing as much as a 50% increase. Ours went up a bit over 30% in the past year. I took a good look at our policies, and the biggest increase was Comprehensive Insurance. That is really only needed if a person is making car payments or leasing. I cancelled that on both vehicles, just keeping collision and liability...and towing/rental if we have an accident or breakdown. That dropped our costs back to what they were 3 or 4 years ago.

I've been paying car insurance for over 65 years....10's of thousands of dollars down the toilet, with one minor claim 10 years ago when I hit a deer and damaged the grill/radiator on my old truck....cost $2K to fix.

Insurance of Any kind is mostly a waste of money, but if you don't have it, you are screwed if you have an accident, or damage to the house.
 
Car Insurance here has also gone sky high for most people. Mine has just renewed this week.. and from memory it's gone up £60 on last year...

I have no claims, no accidents.. that said mine is still lower than most people I know because I really do my homework when looking for cheaper quotes...

I pay £360 for the year fully comprehensive...and that also includes, courtesy car, free locks change if I lose either my car keys or my house keys..or both... also covers a named other driver..

For that I have a £500 deductible..

I live in a very low crime area, and that helps to keep the premiums low...
 
It’s interesting how rates vary from one company, location, individual, etc…

I pay $1,253.80/year for full coverage with higher than required liability limits.

My annual comprehensive is $75.00 with a $250.00 deductible and my annual collision is $304.60 with a $500.00 deductible.

My vehicle is 12 years old and I only drive about 1,200 miles/year.

I probably should drop the collision because I wouldn’t bother repairing the vehicle for a fender bender and it’s not worth much on a trade.
 
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My rates have gone up 20-30% every year for the past 3 years. It’s now 113/month for a 16 year old car that’s only driven 2700 miles a year. I have never had a ticket and no accidents in years.

If I drop both the collision and comprehensive it only goes down 9/month so there’s no point. I shop around every year and no one is cheaper.
 
Teacher Terry said:
My rates have gone up 20-30% every year for the past 3 years. It’s now 113/month for a 16 year old car that’s only driven 2700 miles a year. I have never had a ticket and no accidents in years.

If I drop both the collision and comprehensive it only goes down 9/month so there’s no point. I shop around every year and no one is cheaper.
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OMG !! that's the type of price that newly qualified drivers pay here and under 21's.. jeez that's astronomical. The thing is in the US unlike Europe and the uk, the Insurance companies have most people by the short & curlies, because you all have much more need for a car because of the lack of choice of public transport!
 
The insurance company said Nevada has many accidents and crappy drivers. In addition car repairs and parts have greatly increased.

Our bus system is terrible and Uber is expensive. It’s cheaper to own my car. I would hate to think what it would cost to insure a newer car. Luckily Toyotas seem to last forever.
 
I carry good Collison liability and uninsured driver. I did, about a year ago, take my actual car off the insurance. So if someone breaks out a window, I have to pay for it. If I get in a wreck, it would take next to nothing to total the thing anyway, so why cover the actual car. It did bring the premiums down. I'm not sure what my deductibles are. But I believe they are a little higher because I have the money if needed.

Congratulations on getting out of my home state of California. Wish I could.
 
Remy said:
I carry good Collison liability and uninsured driver. I did, about a year ago, take my actual car off the insurance. So if someone breaks out a window, I have to pay for it. If I get in a wreck, it would take next to nothing to total the thing anyway, so why cover the actual car. It did bring the premiums down. I'm not sure what my deductibles are. But I believe they are a little higher because I have the money if needed.

Congratulations on getting out of my home state of California. Wish I could.
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Does that cover you in the event that You or someone else are seriously injured ?:unsure:
 
hollydolly said:
Does that cover you in the event that You or someone else are seriously injured ?:unsure:
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For me, no because I don't have the personal medical on my car insurance. I have Covered California/Obama Care. Yes it does cover if someone else is injured in an accident that is deemed my fault. And I so hope that never happens.
 
Mrs. L and I pay around £250 each for her car and my Campervan. She is a named driver for my van and I'm a named driver for her car, so we're both completely covered for both vehicles. Each policy has an 'excess' - our term for deductible - of £150.
In the UK, it is mandatory to have the vehicle insured, but I suspect the equivalent of what Remy describes, is what we call 'Third party only'. This is the lowest level of insurance that covers damage and injury to someone you collide with, but not to you or your vehicle.
 

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