Originally Posted By: AZjeff
Originally Posted By: rooflessVW
Originally Posted By: zrxkawboy
Originally Posted By: rooflessVW
Your deductible is insane.
Why do you say that? I think $500 is pretty typical.
And that's insane!!! I've had $0 deductible since I started driving... Every year when I call to review my policy the difference between $500 and $0 deductibles (collision, comprehensive, and glass) is about $50/6mo.
It costs you $100/yr for $0 deductible. If you've gone 5 years with no claims you're wasting $100/yr and you've proved it. We have $1k deductible, figure if it's the other guy's fault his insurance will pay and if it's my fault I deserve a smack up side the head. Many thousands to the good.
$1000 here, too. The low deductible logic seems similar to that of having the cheapest rate for "full coverage" and comparing it to other's rates. "You pay how much per month!!!??? I get away with min coverage, have tons of new cars AND I've got a bunch of speeding tickets! You fool!" Right...
My high coverage is so that my life is never at risk of being ruined for one bone-head mistake in which I hurt people and cause a lot of damage. If you don't have any assets, then maybe min coverage is more of an acceptable risk. I can afford to write a check for a grand for my deductible if something happens.
Heck, I'd probably double that if there was no risk of being sued (eg, property damage only) in order to keep insurance out of it, if it meant keeping my rates low. Fortunately, I've never had to make that call. A buddy of mine did and was able to satisfy someone he'd hit with a fat check. He could've been burned obviously, but wasn't.
