Comprehensive Car Insurance Deductible

Some insurance carriers do offer a zero deductible on comprehensive but you pay a higher price.

Comprehensive car insurance deductible. Unless you have savings on hand to fund the cost of car repairs buying comprehensive insurance is a prudent move. Choosing a comprehensive coverage deductible. Comprehensive insurance is optional but if you re thinking of buying it you will have to decide what your comprehensive deductible will be. The higher the deductible the less expensive your premium will be because the insurer is taking less risk of paying out for claims.

Zero deductibles are on the endangered species list because very few insurance carriers offer no deductible. Comprehensive and collision coverage. Learn what to choose. Deductibles apply if you select a deductible.

Choosing a higher comprehensive deductible generally means your premiums will be lower which can save money upfront. So if you hit someone else at a red light your insurance will pay the entire cost up to your coverage limits of repairs to the other driver s vehicle. Your insurer will offer comprehensive deductible amounts in set increments such as 500 1 000 or 1 500. Most car owners choose a deductible of between 250 and 1 000.

If someone drives a honda accord worth 10 000 with a 1 000 comprehensive deductible and the car is destroyed by a tornado the driver will receive 9 000 from the insurance company. Your insurance would reimburse you 800 which is the difference between the cost and the deductible. The standard rule of thumb used to be that car owners should drop collision and comprehensive insurance when the car was five or six years old or when the mileage reached the 100 000 mark. A car insurance deductible typically applies only to the parts of your policy concerning damage to your property.

However you may have to pay more out of pocket toward a covered claim. It doesn t matter if it was an act of god. And you have a 1 000 deductible your insurance check will be 2 300. If you do select a deductible you will have to pay the deductible at the time of loss.

Collision and comprehensive car insurance are often sold together as a package by auto insurers. Your comprehensive deductible is the amount you have to pay before your comprehensive insurance will cover expenses. For example say that you incurred 1 200 worth of damage to your car from a flood and your deductible is 400.