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Forbes Advisor adheres to strict editorial integrity standards. If you have frequent accidents, a lower deductible is the way to go, according to InsuraMatch. This makes sense, as you will pay less out of pocket each time you need to use your car insurance.
However, if you have a clean driving record, lower premiums and higher deductibles are usually the right choices for you. What is your adversity to risk? The lower your deductible, the less you risk being affected financially in case of a claim.
Estimating how often you will need your car insurance is ultimately somewhat of a gamble, so choosing the right balance between your regular insurance payments and your deductible also depends on your adversity to risk. What's the price of your vehicle? As The Balance mentions, the more expensive a vehicle is the more it costs to insure it.
This is why high deductibles may make sense if you own an expensive vehicle, as you will be saving on premium costs. If, however, you drive an inexpensive vehicle, high deductibles may not make sense, as you will be paying them in full in case of a claim and they may cost you more than the actual car repair.
Can you separate deductibles? WalletHub explains that collision coverage insures your car for accidents, while comprehensive coverage insures it for damages that are unrelated to you, like weather phenomena, vandalism, and other similar events.
Some insurance companies offer safe drivers the possibility to have high deductibles for accidents and lower deductibles for comprehensive insurance. This means that if you are confident in your driving abilities but still want good coverage for random events, you can reduce costs by paying smaller premiums for collision coverage.
Remember these important facts and details regarding car insurance deductibles: A deductible is the amount of money you have to pay yourself before the insurer covers the rest.
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