Anytime you are driving a vehicle, it is required by law that you have car insurance that will cover you and other drivers on the road if you get into a car accident. When you’re shopping for the right coverage, it can feel like you have no control over how much you will have to pay to get the coverage that you need. However, there is one part of car insurance shopping that you should have control over and that’s the deductible. You can choose between several different deductible amounts to give you the coverage you need and want. Signet Insurance Group is here to talk about some of things you need to think about when choosing the right deductible for your insurance.
How Car Insurance Deductibles Differ from Health Insurance Deductibles
Many people are familiar with the deductibles that they have to pay when they use their health insurance policy. While it may seem like the same thing, it is actually different. With health insurance, once you meet your deductible for the year, your insurance company pays the rest for that calendar year. With car insurance, if you get in an accident and pay the deductible only to find yourself in another accident six months later, you will still have to pay that same deductible before your insurance will pay anything.
When You Might Need to Pay a Deductible
If you find yourself using your car insurance coverage, here are some of the different circumstances that will leave you paying a deductible.
– Collision coverage
– Comprehensive coverage
– Uninsured or underinsured motorist coverage
When You Won’t Need to Pay a Deductible
There are some instances where you might find that you aren’t responsible for paying a deductible though.
– When the other driver is the one at fault
– You are filing a liability claim and only have the smallest amount of coverage required by your state to drive your vehicle
– Many glass repair claims don’t require you to pay a deductible
How to Decide the Deductible Amount You Want
There are some things that you need to think about when you are making the choice about the size of the deductible you will be paying.
– Emergency Fund: You need to think about the emergency fund or lack thereof when considering your deductible. Do you have enough saved up that you can cover the cost of any needed repairs without the help of insurance? If not, you may want to pay extra to get a smaller deductible.
– Vehicle Value: If you drive an older vehicle that isn’t worth much, you may decide to simply have liability insurance for it which has no deductible.
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If you aren’t sure what your car insurance policy should look like, you can turn to Signet Insurance Group to help you find the right policy to fit your budget and insurance needs. Call us today!
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