Many auto insurance policy holders carry comprehensive and collision deductibles listed on their policies at $500. There are many added values to carrying a lower comprehensive deductible than the collision deductible.
The comprehensive portion of the policy premium is one of the lowest premiums associated with the auto insurance policy in most cases. Consumers can minimize their exposure by selecting a lower comprehensive deductible such as a $50 or $100 at a minimal increase in premium. In many cases the increase in premium by lowering the deductible from $500 to $100 can be as low as $25-$50 per year.
The added value will vary between insurance companies. Consumers should contact their insurance agent to see if they have glass protection for their vehicles and check the limitations of the coverage itself. Many insurance companies that offer limited glass protection will only repair a windshield at no cost to the consumer. For windshields that are in need of replacement the policy holder, in many cases, would be responsible for the comprehensive deductible prior to any payout from the insurance company. This is very important for policyholders that have long commutes and a higher likelihood of needing windshield repair or replacement.
?Having a lower comprehensive deductible is also recommended for vehicles that are in new or like new condition. This way having a small repair done to the vehicle for vandalism, small dents, or scratches is more reasonable with a $50 or $100 deductible. Many times consumers that carry a $500 deductible for comprehensive coverage opt to not repair their vehicles when there is minor damage since they would be subject to the deductible.
Consumers that have vehicle that are in new or like new condition should consider making these changes as soon as possible. Many insurance companies require that the deductible be no lower than the total amount of existing damage when starting a new policy or making changes to an existing policy.
