What is the deductible on your car insurance?
Your car insurance deductible is the amount of money you agree to pay out of your pocket before the insurance company will pay towards a claim. For example, let's say you have a claim and it will cost $3,500 to fix your car. Your will pay the body shop $500 and the insurance company will pay the body shop $3,000. The higher your deductible, the less expensive your insurance costs. This is because you will be paying more out of pocket when you have a claim. There are two types of deductible on your auto insurance, a comprehensive deductible and a collision deductible.
What is a typical auto insurance deductible?
The most common deductible we see insureds carry is a $500 comprehensive and $500 collision deductible. Since comprehensive claims cover accidents that typically aren't your fault, like hail, theft, or vandalism, some people like to carry lower comprehensive deductibles like $100 or $250 while keeping their collision deductibles higher.
Still have questions? Give the expert agents at Pearson & Company Insurance a call at 601-482-6699. Want to find out how changing your deductible impacts your rates? We would be glad to quote you with different options- fill out this quote sheet and we will be in touch.