Is My Florida Car insurance Company Going to Make Me Choose the Same Deductibles for My Collision and Comprehensive Coverage?

Is My Florida Car insurance Company Going to Make Me Choose the Same Deductibles for My Collision and Comprehensive Coverage?

What's your insurance agent going to tell you about your deductibles?

Have you ever heard the phrase, "Robbing Peter to pay Paul?" Of course you have. Just about everyone has. (If you didn't before, you have now!) Moving money from one source to another to make sure you get all your bills taken care of is the oldest game in the book-and most of us play it frequently. With that in mind, it's easy to see why drivers are grilling their Florida car insurance agents to find out what their options are when it comes to their deductibles.

Pop quiz: What's a deductible? Before we start going on…and on…and on about the specifics of your deductibles, let's make sure we're all on the same page! Your deductible basically boils down to the size of the check you're going to cut your Florida car insurance carrier if you've been in an accident and you have to pay to have your car repaired. Since, to the best of my knowledge, most companies don't charge a deductible for liability coverage the only thing you have ot worry about is the deductible on your comprehensive and collision coverage.

Why is your deductible important? This is one of those "robbing Peter to pay Paul" moments. If you raise your deductible your Florida car insurance rates are going to go down instantly. Hey, car insurance companies love knowing you're going to be footing more of the bill! That's less that they have to pay out of their coffers!

Before you go running to your insurance carrier to ask them to max out your deductible, sit back. Take a deep breath. Yes, raising your deductibles will help lower your car insurance rates, but that's only half the story. The other half falls along the lines of, "Whatever your deductible happens to be is how much you're going to have to pay out of pocket, so you have to be able to afford it." The average range of deductibles runs from $200-1,000, and yours could fall anywhere in between. If the thought of having to come up with $1,000 at a moment's notice is enough to make you cringe, opt for something a little lower.

No sense shaving money off your Florida car insurance rates if you can't afford the deductible when the time comes to ante up.

Now, to address the issue of deductibles, you are in no way, shape or form required by most companies to pay the same deductible for your collision and comprehensive coverage. (I say most because I haven't personally interviewed every car insurance carrier in the state; however, those I have worked with in the past have given their clientele the opportunity to choose.) Since you're more likely to end up paying for a collision claim than a comprehensive one, it may make sense to have a higher deductible for your comprehensive. On the other hand, if you live in a high crime area you may want to consider flipping that around!

The point is, adjusting your deductibles can only help your Florida car insurance rates. Now all you have to do is find the balance you can afford.

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• Is My Florida Car insurance Company Going to Make Me Choose the Same Deductibles for My Collision and Comprehensive Coverage? - Nov 13, 2009 - 1:41:10 PM