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Is it smarter to have a $500 or $1000 deductible?
"My wife and I have car insurance with a $500 deductible but we found out we can save almost $100 a month on our premiums if we make it $1000. Should we do that?"
Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The deductible is the amount of money you’ll have to pay to repair your car in the event of an accident before your
car insurance
kicks in. In other words, if your car needs $2500 worth of repairs, you will need to pay $1000 and your insurance will pay the remaining $1500. The amount you choose for your deductible depends on what you’re comfortable with paying in the event of an accident. If you can afford a higher deductible, you will save money in the long run.”
View full answer
- Gregory R.
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