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Canby, OR 97013

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How to Choose the Right Deductible for Your Car Insurance Policy

Your deductible is one of the most essential details you’ll consider when setting up your car insurance policy, so it’s crucial to understand your choices. If you’re located in Canby, OR, we at Oliver Insurance will be happy to help you figure things out. But first, check out the following tips on how to pick the right deductible for you.

How Do Deductibles Work?

Your car insurance deductible is the monetary amount you’ll have to cover on your own before your insurance company starts paying out toward damages. You’ll need to pay that deductible each time you need to file a claim.

Some types of car insurance coverage have deductibles – like collision coverage and personal injury protection – while others don’t. You can also choose your deductible when you sign up for a policy.

Choosing a higher deductible means paying lower monthly premiums. However, it also means you’ll need to cover more of the resulting costs out of pocket if you ever need to file a claim.

How to Make a Wise Deductible Choice

Naturally, the goal is to make sure you can easily afford the costs associated with your Canby, OR car insurance, both month to month and in the event you ever get into an accident. Consider factors like the following when selecting a deductible:

  • Driving History: If you have a history of car accidents and moving violations, opting for a lower deductible might be better.
  • Car Value: The lower your car value, the less your carrier will ultimately pay you if you ever suffer a total loss, making a lower deductible smarter.
  • Financial Situation: If you don’t have much money saved to cover you, if you ever have to pay a deductible, it may be easier to cover higher premiums.

It’s also a good idea to consult with professionals before finalizing any insurance decision, and Oliver Insurance will be happy to help you make a wise one. Call us today, and let us know how we can assist you!

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