Can I Lower My Car Insurance Deductible? (2024)

FAQs

Can I Lower My Car Insurance Deductible? ›

Yes, you can lower your car insurance deductible at any time by contacting your car insurance company and telling them what you would like your new deductible to be. Lowering your deductible will make your out-of-pocket costs cheaper if you need to file a claim, but it will also result in higher premiums.

A low deductible means you pay less in the event of a claim, but your overall insurance premium will be a little higher. A higher deductible means you pay more in the event of a claim, but you pay less on your premium.

Accidents can happen at any moment, so if you don't have a lot of savings or expendable income, a lower deductible is usually a safer choice to avoid financial stress after an accident.

Changing the deductibles on your car insurance policy affects what you pay in premiums. If you increase your deductible, you'll pay less on a monthly basis for coverage because you will end up paying more out of pocket if you file a claim.

With regard to healthcare deductibles, always ask if it's possible to negotiate a payment plan. The healthcare provider cannot legally waive the deductible but they can allow you to pay it over time. The challenge comes in when a procedure involves multiple providers, such as with surgery.

It's better to have a $500 deductible if you're a driver that has been in more than one accident or has gotten a DUI in the last three years. If you're more likely to get into an accident, you won't want to pay out a higher deductible.

WalletHub notes that you can save about 6 percent by choosing a $2000 deductible instead of a $1000 deductible, which may or may not make sense depending on the price of your policy. As Bankrate notes, you will not have to pay your deductible for a claim if another driver caused the accident.

Your deductible should be an amount you can comfortably cover in case you need to file a claim. Car insurance deductibles usually range from $100 to $2,000, with a $500 deductible being the most common.

A high-deductible plan is any plan that has a deductible of $1,600 or more PDF opens in new tab for individual coverage and $3,200 or more for family coverage in 2024. Compared to a traditional health insurance plan, a high-deductible health plan comes with a higher deductible and lower premium.

Increase your deductible

Depending on your insurance provider, paying a higher deductible (the amount you pay out of pocket before your insurance coverage kicks in, in the event of an incident) is typically a quick and easy way you can decrease your auto insurance payments.

Why is my auto deductible so high? ›

Any claim you file for damage that is covered by collision will be subject to a collision deductible. The higher a deductible, the lower the annual, biannual or monthly insurance premiums may be because the consumer is assuming a portion of the total cost of a claim.

You can avoid paying your car insurance deductible for vehicle repairs by not filing a claim at all or by getting the mechanic to waive the deductible, which is possible but highly unlikely. In some cases, your insurer may also waive your comprehensive deductible for glass damage specifically.

Key Points: If you can't pay your car insurance policy's deductible, you may be able to work out a payment plan with your repair shop. Choosing a lower deductible may make repairs more accessible, but you'll pay a higher monthly premium.

Yes, you can lower your car insurance deductible at any time by contacting your car insurance company and telling them what you would like your new deductible to be. Lowering your deductible will make your out-of-pocket costs cheaper if you need to file a claim, but it will also result in higher premiums.

You may be able to adjust your plan's deductible . Many health insurance companies allow you to keep the same health plan and increase or decrease your deductible based on your needs. Changing your deductible can increase or decrease your monthly premium .

In California, the collision deductible gets waived when policyholders are struck by an uninsured motorist, thanks to the collision deductible waiver. Interestingly, in California, the waiver remains applicable even in hit-and-run incidents, provided the guilty driver or vehicle is identified and proven culpable.

In general, drivers who are more likely to file an auto insurance claim will have lower total costs with a low-deductible car insurance plan. Conversely, drivers who don't file a claim will typically save with a higher deductible plan.

The lower a plan's deductible, the higher the premium. You'll pay more each month, but your plan will start sharing the costs sooner because you'll reach your deductible faster. Some people who don't often need medical care would rather have a smaller premium and pay more up front for care as they go.

If your insurance plan has a low deductible, this means you may reach the threshold earlier and get cost-sharing benefits sooner. The drawback is that you'll likely have higher premiums (unless you have an HMO plan, which tends to offer both low premiums and low deductibles).

The trade-off with a low-deductible plan is that you pay a higher monthly premium. An obvious downside to a low deductible plan is that if you don't end up needing more extensive medical care, you'll have paid a higher monthly premium for nothing.