I just wanted to pick everyone's brains and see what all of your deductibles are for comp and collision coverage on your trucks. I want to see what everyone's doing and what you guys would recommend. I just bought my truck and so I want to see what all of you experienced Taco owners do. Thanks!
Comp & Collision Insurance Deductibles - How much??
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I usually run 500 for my deductibles. Reason being is that 300 becomes more expensive, but the upside is if you need repairs, you are out minimal amount of money. 1000 deductible sucks if you have a small accident, you would have to have over 1000 in damages to get anything out of it, but 1000 ded. is the cheapest option. IMO, $500, but that is just me.
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I carry mine at 1k for comp and collision and in AZ we have this great thing called full glass which covers all glass and any plastic and lighting on the vehicle. i carry 1k because i figure that if i DO get into a small accident and it is under 1k in damage i will take care of it......... if you have a 300 ded and make a claim for ~700 your rates will go up (depending on what your insurance companys accident threshold is). so all in all more than likely if you get into an accident and claim it wether you ahve 1k or 100 ded, your rates will go up in one way or another. This is my opinion tho!
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I have $250 deductible on both with the zero deductible for the glass. I have been with the company so long and with the discounts for having our house, cabin, and 2 other cars with the same company as well, the slight additional savings for higher deductibles are just not worth it.
On another note, yes, you pay less for higher deductibles. The rule of thumb I think you should apply (generally speaking) is how much can you afford out of pocket at any given time?
On another note, yes, you pay less for higher deductibles. The rule of thumb I think you should apply (generally speaking) is how much can you afford out of pocket at any given time?
I carry 500 for collision and 100 for comp. I really should raise them, seeing that I work in the collsion repair industry and can get work done for little or no cost. I can say that 80% of people have 500 collision deductioble. Some have less, some have more. I have seen a $2500 deductible before, not the best idea in my opinion.
wow. i've never heard that amount before, but if you can save 2500 in annual premiums without having an accident, its not so bad.
$500 for me. It's a good balance between my rates and what I feel comfortable paying out of pocket. There's also an uninsured motorist deductible of $200 (I had to pay that due to being rearended last Sept).
This might help, just click on your state: http://www.autoinsuranceindepth.com/state-minimums.html
This might help, just click on your state: http://www.autoinsuranceindepth.com/state-minimums.html
Your premiums do go down with a higher deductible, but it's not a direct correlation (ie: your rate don't go down exactly what your deductible is). If you can afford to drop $2500 at a moments notice, then it may be worth the gamble, but like said before, your deductible should be what your comfortable paying at any given moment.
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$1,000 / $1,000 for me.
If I remember correctly, that saves me about $200 per year over $500 / $500 deductibles. I have not had a claim in the last 15 years, so that's a savings of $3,000 not including interest earnings over the 15 years. So right now I could pay 6 deductibles and still cut even ....
I guess if in general you are a careful driver, park in a garage or a safe area all the time, don't drive too much in crazy traffic, then a high deductible pays often.
Isn't there usually a max deductible requirement by the financial institution if you have a loan?
If I remember correctly, that saves me about $200 per year over $500 / $500 deductibles. I have not had a claim in the last 15 years, so that's a savings of $3,000 not including interest earnings over the 15 years. So right now I could pay 6 deductibles and still cut even ....
I guess if in general you are a careful driver, park in a garage or a safe area all the time, don't drive too much in crazy traffic, then a high deductible pays often.
Isn't there usually a max deductible requirement by the financial institution if you have a loan?
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Depends on if you finance or lease. Most all leases require no more than 500 ded's because ultimately they are the owner of the vehicle. Most financing companies or banks dont care, although i have seen some mail in requests to see no more than a 500 deductible.
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