Car insurance deductibles can be somewhat confusing if you have never dealt with them before. Understanding why they are in place and how you can adjust them to meet your needs will allow you to make the most of your policy. Being informed is important and allows you to make informed decisions.
Average Auto Insurance Deductible
Most auto insurance policies require a deductible. In most cases, $500 is the standard amount for auto insurance deductibles. While you can increase the amount of your deductible, it’s not common to find a deductible that is lower than the traditional $500.
No Deductible at All
Not all auto insurance policies require a deductible. If you have a PL/PD policy (personal liability/property damage), it will not cover damages to your vehicle or pay for your medical expenses. Since you are responsible for all of your expenses caused by accident, there is no need for a deductible.
Higher Deductible, Lower Premium
You can raise your deductible if you want to keep your monthly premiums. Raising your deductible puts more financial responsibility on you and less on your insurance carrier. This, in turn, will lower the amount you will pay every month for your premiums.
Your Fault? Pay Your Deductible!
If the accident is determined to be your fault, it’s your responsibility to pay the deductible. Some policies require that the deductible be paid before the policy pays for your other damages. Trying to avoid paying your deductible may cause you to lose your insurance.
Exemptions to Paying Your Deductible After an Accident
You may not have to pay a deductible if you are not at fault in an accident. If it is determined that the other driver is to blame for the accident, their liability coverage should take care of all the damages to your vehicle.
Need Help with Car Deductibles? Contact Steve Wilk Insurance
Deductibles are one of the negotiable parts of your policy. Take out time to learn about your policy. Talk to the agents at Steve Wilk Insurance to learn more about your policy and how you can adjust it to meet your needs. It is very important to know how your deductibles are determined and how they affect your policy. Contact us today to schedule an appointment! Our agents can evaluate your needs and help you find the best possible policy.