This is why it is extremely important that you understand what a deductible is and how to choose the right amount when you first purchase your coverage or renew your policy. So, here are a few things to consider concerning auto insurance deductibles.
- When you choose a higher deductible amount, you are going to be paying more out-of-pocket expenses. In the event you have a fender bender, expect to pay the amount of your deductible or less based on how much damage has been done. While this might be an inconvenience at the time of an accident, remember, a higher deductible means you are paying a lower monthly premium. If you drive like Mario Andretti at the demolition derby you may want to take a second look at your deductible.
- Now, the lower your deductible is, the better the coverage. When you select a lower deductible amount, you are only required to pay that amount after an accident and then your insurer will cover the rest. Obviously, you will need to have adequate coverage for your policy to cover all of the remaining damage after you satisfied your deductible, but that means less is coming out of your pocket after a collision. However, when you purchase a policy with a lower deductible, you will be paying more each month. It all comes down to whether you want to definitely pay now or potentially pay later.
So, before choosing a deductible, you should first assess your financial situation to determine what you can afford and then consider where your drive and the likelihood of an accident occurring. If you are a newer driver or believe you are living in the Fast and Furious movies, that may sway your decision. Now, if you have been injured in auto accident, and you are having trouble collecting the compensation you are entitled from the insurer, consider contacting Greenville, SC car accident lawyer Paul Hammack.
Our Client Bill of Rights offers a 30-day unconditional satisfaction guarantee —no costs and no fees. We serve our Greenville clients in all areas of personal injury, including auto and motorcycle accidents, truck accidents, and boating accidents.
To get started with our Greenville personal injury law firm, please simply contact us online or call 864-326-3333 for a free consultation.