Twice this past month or two I've had insurance claims - theft and a stolen car's damage to my property. Both times $500 deductible. Currently I'm hoping the car has insurance - waiting for sheriff's report - they won't answer my phone query about it. $4.50 for report!
Anyhow, is this $500 deductable standard? I can see a deductable, maybe $100 or $200 to protect from many minor claims, but not $500. What do you pay? If less than me, I may be changing policies.
TIA
My deductible is $1000. That lowers my premium. You can just call your insurance agent to get the info.
the higher deductible the better - in the long run [i always get the highest possible]
not to mention, [any] claims will tend to increase your premiums - i think
marc
Remember, you have insurance to avoid losses you can't afford. Set the deductible with that in mind. Higher will save you money in the long run.
Don't treat insurance as a bet you think you have good odds on. The insurance companies have statisticians that have all the claim data.
My deductible is $2500. Lowers the annual premium.
Zero claims in 15 years.
Not very smart to put in small claims, your rates will go up or they may drop you.
You do realize, I hope, that you can have $0.00 deductible if you wish. Or $5000. It's up to you.
Depending on the policy I'm looking at, my deductible is anywhere from $500 to $1000. The higher your deductible here, the lower the premiums are. Remember, insurance is only for the stuff you can't replace/repair cost wise on your own. For the small things, leave the insurance company alone and make the repairs yourself, out of pocket. Don't get your insurance rates raised and earn your self a reputation as a small claims abuser. They may drop you as a result and other companies will charge extra if/when they decide to offer you services.
Most of the people I know irl have deductibles between $500 to $1000 like myself. I'd say it's common practice. A few people have much higher deductibles, but, they pay next to nothing on their premiums. None of us contact our insurance companies for small things. As, we'd rather just pay out of pocket unless the damage well exceeds our deductible.
You can get just about any deductible you want, for a price. Up here in Ontario Canada $1000 deductible is pretty standard, $500 costs a fair bit more. I won't submit a clain for under about $2000 damage - every clain you put in hurts your insurability and raises your rates. Insurance is for catastrophic damage.
On 1 Dec 2016 16:16:53 GMT, KenK wrote in
You're getting ripped.
I have $1000 deductible. In 52 years of home ownership I have never made a claim. I see no reason to pay a higher premium to get a lower deductible. I'm well ahead.
f you cannot cover the deducible you probably should not own a house.
That is probably true. Most unexpected losses are not covered by insurance anyway. Bad appliances, bad roofs etc.
We have a $2K deductible, never a claim. The only time I dad damage to my house was about four years ago, a piece of ice fell of a plane going overhead. Fixed it with a trip to Lowe's and to minutes time, why claim it.
Same here I have had homeowners insurance for 54 years and on 2 homes for a number of them, no claims. When Charley came through I had some damage and if I had called someone it might have justified a claim but we took care of it ourselves pretty cheap.
Not neccesarily. Depends what he's paying.
"If you want first quality oats, you need to be willing to pay first quality prices. If you settle for oats that have already been through the horse they come a bit cheaper"
KenK posted for all of us...
$4.50 is cheap. Let the insurance pay for it. Usually the local agents come with their checkbooks to pay for them.
See other posters responses.
+1
Higher deductible lowers the premium. You are in effect, self-insuring small claims. And then you can just do the repair, instead of dealing with adjusters, getting estimates for the insurance company, etc.
I think? I wrote that, pretty much, above.
Agreed. Personally though, if the repair is going to cost me.. say, $250 in parts and my own labor, I'm going for the $250 in parts and my own labor. Why give my insurance company $500 (or more) just to do what I can do myself, for half! of the cost? It seems, very stupid, to me, to file a claim for something that will cost less than any of the deductibles. It's not a matter of being unable to pay the $500 or even $1000 deductible, it's a matter of not being stupid about it in my case. I'm not so lazy and/or incompetent that I can't do the damn job myself in most cases.
And many companies, once you file a claim or two for those $500 things, raise your rates.
In my case it was just one claim. When my teenage son backed into a neighbor's car I had the insurance take care of it. Bad move. The rates went up enough that I paid what the repair cost several times over. That was a few years ago as the kid just turned 54. Perhaps things are different now. But I've not made a claim since. I keep a $2k deductible on the cars and $10K on the house. So far (knocks on wood) I'm ahead.
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