What is a good comprehensive deductible?
A good comprehensive deductible is an amount that the policyholder can afford to pay if their vehicle is suddenly damaged by something other than a car accident, such as vandalism or a natural disaster. Comprehensive insurance deductibles typically range from $100 to $1,000, but they can sometimes be as high as $2,500. You choose your deductible when you purchase your policy, and the higher the deductible is, the lower your premium will be. As a reminder, a comprehensive deductible is the amount that you have to pay out-of-pocket when filing a comprehensive insurance claim. For example, if a hailstorm causes $5,000 in damage to your car and you have a $1,000 deductible, your insurance company will only pay $4,000 for the repairs. Before you decide on a deductible, you should consider how likely you are to file a comprehensive claim. If you live in an area that is prone to natural disasters or has a high crime rate, for instance, it may be a good idea to get a low comprehensive deductible.
Comprehensive insurance is optional, but if you’re thinking of buying it, you will have to decide what your comprehensive deductible will be.
Unless you have savings on hand to fund the cost of car repairs, buying comprehensive insurance is a prudent move. It pays for damage to your car from hail, fire, flooding, theft, vandalism, collisions with animals and falling objects such as trees.
One way to save on comprehensive insurance is to raise your comprehensive deductible, but there several factors you should consider before making this decision.
How car insurance deductibles work
A car insurance deductible is the amount you pay toward repairs before your insurance policy kicks in. (Our car insurance deductible chart shows the dollar and percentage amount reduction by state that you get by raising your deductible.)
Typically comprehensive deductibles range from $100 to $2,500, as car insurance deductible choices vary depending on your state laws and insurance company guidelines. Generally, deductibles tend to be between $250 and $1,000.
The higher the deductible, the lower your premiums will be. For example, increasing your deductible from $200 to $500 can reduce comprehensive insurance costs by 15 to 30 percent, while a jump to a $1,000 deductible can save you 40 percent or more, according to the Insurance Information Institute, a trade group based in New York.
The downside to high comprehensive deductibles is that this amount will be subtracted from your insurance claim and you will be responsible for the rest of the repairs.
For example, if you set your comprehensive deductible at $1,000 and your car sustains damages totaling $1,800, you will pay $1,000 and your insurance company will pay $800.
Car insurance deductibles are normally paid per incident, so you will have to pay your deductible amount out every time you make a comprehensive claim. The exception being if you live in a state where laws require the deducible to be waived for windshield claims.
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