Ask yourself these questions:<\/p>\n Can I afford to pay the higher deductible?<\/strong> Would you have a hard time scraping together $1,000 to repair your car? You might not want to take the chance of a higher deductible. This is even more important if you lease your vehicle. You must repair any damage on a leased vehicle or pay the difference when you turn your vehicle in.<\/p>\n What is the payback?<\/strong> The more premium you pay, the larger the savings for higher deductibles. Fifteen percent savings on an $800 collision premium is $120 per year. The same discount on a $300 collision premium is only $45. It would take 50 months to “earn back” the $500 deductible difference in the first example. In the second, it would take more than 11 years!<\/p>\n How often do I have accidents? <\/strong>If you average an accident every 10 years, the first scenario above might pay off for you. If you average one every 3 years, neither will.<\/p>\n How risk-averse am I? <\/strong>Do you hate taking chances? The peace of mind of a lower deductible may be worth the extra cost to you.<\/p>\n <\/p>\n <\/p>\n Most people think collision coverage is only used when you’re at fault in an accident. That’s only part of the story. Collision coverage is also used when:<\/p>\n Keep those scenarios in mind as you choose your collision deductible.<\/p>\n![\"\"](\"http:\/\/www.noyeshallallen.com\/wp-content\/uploads\/2017\/06\/decision.png\")
<\/a><\/p>\nBefore You Buy Higher Auto Insurance Deductibles…<\/h2>\n
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\nRelated post: When Should I Drop Comprehensive & Collision Coverage?<\/a><\/strong><\/p>\n
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Collision Coverage Is Used More Than You Think<\/h2>\n
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