Auto Insurance- Your Individual Risk Assessment and Choosing the Correct Deductible for Your Auto Insurance
October 2, 2009
Choosing the right auto insurance deductibles for you is an important decision. If you choose a higher deductible, you will most likely have a cheaper premium associated with your policy since you will be paying more out of your pocket in case of an accident.
If you choose to have a lower deductible, your insurance premium will most likely be higher since you will be paying less out of your pocket in the case of an accident.
If you seem to be accident prone, and have a history of multiple accidents on your driving record, considering a lower deductible might be the right choice for you since you won't have to pay as much at the time of the accident. Keep in mind that you will pay higher premiums but this will usually even out to say you money if a serious accident occurs. If you only drive occasionally and have an impeccable driving record, a higher deductible is probably the right choice for you.
If you believe that the instance of an accident is highly unlikely, paying less on your premium will save you a lot in the long run. In the unfortunate circumstance that an accident does occur, you will be required to pay the higher amount out of your pocket.
When deciding which way is the right way for you and your family to go, looking over your auto insurance policy history can help. Over the last couple of years, how big has your deductible been? Have you filed any claims? If you haven't filed any claims against your policy, the chance of an accident occurring with the outcome being of your fault, is less and a higher deductible can be the right choice for your family.
If after looking at your policy history, you notice that claims have been filed and you have been at fault, a lower deductible is the way for your family to go. It all comes down to risk. Anything can happen in the future and none of us can say what that will be.
Researching what your premium will be with a few different companies based on different deductible amounts can help you to make the right decision in which company is the right fit for you and your family. Performing this step and considering your individual risk level can help you save money on your insurance policies and let you apply that money to much more needed areas of your life.
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