VEHICLE INSURANCE DEDUCTIBLES

Of course, the question of the “best” level of a deductible on a vehicle insurance policy is a function of several issues; such as what type of insurance coverage one is purchasing, what level of out-of-pocket expenses can be tolerated, how tight is the budget, etc. 

Generally speaking (for vehicle insurance), raising the level of the deductible on both collision (damages due to an accident) and comprehensive (damages due to fire, flood, vandalism, etc.) insurance coverage will reduce the insurance premium.

Practically speaking, many clients feel it is best to pay the $700 damage bill, if they only have a $500 deductible, because of the possibility the insurance company may raise their rates at renewal time.  But there are other alternatives to consider to avoid this dilemma. 

For cost comparisons on various deductible levels and to answer any questions you may have about insurance deductibles, contact your favorite insurance agent (Mike Carter, Andrea Shearer, or Tessa Everman) at the Triplett Companies (515/232-5240).