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Discussion Starter #1
I've been shopping for insurance. The big number, for me at least, is for collision.

It almost seems to me, why not raise it from $500 to $1000 or higher? It's not like you're going to have any collisions in these cars that straddle that area. It's going to be big bucks every time. Comp I'd still have at $500.

Thoughts?
 

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The damage will likely be so expensive that most shops would cover the $1k deductible anyway (you just have to bargain a little).
 

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The "standard" $500 deductible hasn't kept up with inflation. $1000 makes more sense. Liability limits are more of a concern for me, and anyone with anything to lose needs to look at these.
 

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Generally, I'd self-insure anything under $2K, so $1K would probably be the way to go. What you really should do is see how much of a credit you get for the higher deductible and then figure out your break-even. In other words, figure out how long would it take you to recoup the extra $500 you'd have to spend in the even of a Collision loss. To me, a $20 savings per policy term or something like that wouldn't be worth it.
 

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Discussion Starter #7
It was $200 less every 6 months to have both my cars as $2000 deduct vs $500.

Haven't checked $1000 yet.
 

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It was $200 less every 6 months to have both my cars as $2000 deduct vs $500.

Haven't checked $1000 yet.
So four years without a Collision loss would be your break-even (not taking into account time value of money). After that, you're money ahead.
 

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I carry $1000 deductibles on the Elise. It saves me a few hundred dollars a year on my premium vs. a $500 deductible, so it's a no brainer unless I plan to have a claim more than once every couple of years...
 

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Depends on your particular situation. Last time I checked, I'd save less than $10 per 6 months to bump up my deductible from ~$250 to $1k.

ed
 

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Right now my policy is at $250 and I'm glad about that. Ever since moving down the peninsula to San Jose we have been hit every year. That is 5 accidents in 5 years! The other party only had car insurance in one instance so uninsured motorist coverage is a must. 2 of the accidents were hit and run. If you can't catch the party responsible for plowing into you then you pay the deductible. Once we move north again I may reconsider but while in the south bay the more insurance the better -- it's like bumper cars here.
 
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