Insurance Tips: Deductible Options.

Posted by Joshua on Sunday Dec 23, 2012 Under Insurance Tips

When dealing with car insurance policies, the deductible can be a headache for many drivers. It’s really not that hard to decide if a driver is armed with the proper knowledge. High deductible, low deductible and median deductible plans all have merits that can save drivers money in the long run. Many insurance services also offer a lowered deductible for good drivers, or other deductible based rewards.

High deductible plans are typically fairly low cost month to month. It’s why many drivers prefer them. While the out-of-pocket cost can be significant in a wreck or other incident that requires insurance, the low monthly fees are important to a wide range of drivers. Careful drivers and drivers looking to save on overall plan costs can often choose a high deductible plan.

Mid range deductible plans keep the deductible in the median range. They tend to offer an average cost both out-of-pocket and in the regular payments. Mid range plans are good for drivers who can afford a little more monthly and a little less out of pocket in case of an emergency.

Low deductible plans tend to cost quite a bit month to month, but in the event of an accident tend to have little to no out of pocket cost for the driver. These plans are appealing to parents of younger drivers, drivers who may not always be the most careful or drivers with the monthly funds to not worry worry about the overall costs.

In addition to these, many insurance services now offer incentives based on driving. A lowered deductible cost in an accident if you’ve driven for a year without one, for example. Some insurance companies even offer lowered prices on the insurance as a whole. Combining the best deductible with this kind of savings is ideal for many drivers.

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