Car Insurance Deductibles: Are They Right For You?
When choosing car insurance, it is likely that you?ll come across the term ?deductible?. You may have also heard that high deductibles are likely to lower your car insurance premiums. What exactly are ?deductibles?, and are they right for you? I?ll show you how deductibles can help you lower your insurance premiums and explain them in detail so that you can see if it suits your particular situation.
A car insurance deductible is the amount that you pay towards vehicle repair, or any other type of damage or accident before your insurance kicks in. Your insurance company won?t pay anything until you?ve paid off the deductible. Therefore, the higher a deductible is, the lower your insurance rates will be because you assume more risk on your own.
For example, if you have a $1,000 deductible and your vehicle has suffered $2,500 in damages, you would have to pay $1,000 first and after you pay, your insurance will pay the remaining $1,500. There are 3 standard car deductible prices: $250, $500, $1,000. Some companies also have a higher deductible of $1,500.
Choosing a deductible is essentially deciding how much risk you?re willing to assume if you were involved in an accident (or if your car was robbed, damaged, etc). Typically, you can choose to have auto insurance deductibles for comprehensive and collision coverage and personal injury protection.
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