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Apr 16, 2012

This week, in our continuing series of insurance articles on the coverage you should understand when you’re looking over an auto insurance quote from the big insurance companies, we’ll be taking a look at a specific element of comprehensive and collision coverage – the deductibles.

As a local McKinney insurance agent, we tend to field a lot of calls from customers who want to know the answer to a very important question:  How much should my car insurance deductible be?

The answer?  It depends.  For starters, before you make that decision it is important to understand what is a deductible for car insurance.  Your deductible is the amount you would have to deduct from your compensation when you file a claim.  So for instance, if you are a local driver with car insurance in Plano, and you get into an accident in Keller with damage estimated at $5,000, you would have to deduct your deductible from that amount to see how much you would receive – so if your deductible was $500, you would receive $4,500.  A deductible of $1,000 would leave you with $4,000 – and so on. 

So understanding what a deductible is – it then falls on the customer to make their decision regarding their auto insurance.  Raising your deductible will lead to cheap auto insurance, however you will have to give up more in the case of a claim, and vice versa.  If you are looking for more affordable car insurance, the standard amount for a deductible is $500.  However, if you feel your car is not worth a lot, or you think it’s worth lower car insurance premiums to have a higher deductible, that may work for you. 

It is also worth noting, that many insurance companies such as Safeco, and Metlife, offer zero glass deductibles on comprehension coverage.  What this means, is that if we have a customer driving around the DFW area, and a Dallas city truck kicks up a rock that hits and cracks his glass, he can file that claim for no deductible, as it is glass related.

If you have any questions about deductibles, or you’d like to get a policy with lower or higher deductibles, you can find us on Facebook, or email us at .  If you’re ready for a free insurance quote, you can submit your information at contact us or call us at 214-733-8400. 

 

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