| EK9Hatch |
I was reading a book on finances and investing, and I noticed that a good way to save money is to jump up your insurance deductible on your car insurance.
I called today and they said that I would save about $240 anually, if I jumped up my deductible from my current $500, to $1,000.
What do you guys think? I'm not sure if I want to jump it up to $1,000 to save a lowsy $240 a year. Considering this, it would take me two years of being accident free, to recover the loss of paying the $1,000 deductible, in the case that I did get into an accident.
Any thoughts on this?
What do you guys pay for a deductible?
Jamie |
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| dtjohnst |
quote:
Originally posted by EK9Hatch
I was reading a book on finances and investing, and I noticed that a good way to save money is to jump up your insurance deductible on your car insurance.
I called today and they said that I would save about $240 anually, if I jumped up my deductible from my current $500, to $1,000.
What do you guys think? I'm not sure if I want to jump it up to $1,000 to save a lowsy $240 a year. Considering this, it would take me two years of being accident free, to recover the loss of paying the $1,000 deductible, in the case that I did get into an accident.
Any thoughts on this?
What do you guys pay for a deductible?
Jamie
I've got the $500. In Manitoba I used to pay an EXTRA $400/yr to drop my Wildlife and Nature (hail and deer strikes) deductible down to $0. I personally don't think the savings is worth it. Especially given how insurance works out here. |
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| bluSRT |
| My deductible is $500, but I only pay $86/month so I dont know if it would drop all that much if I raised it to $1000, a couple bucks per month maybe :dunno: |
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| dtjohnst |
quote:
Originally posted by bluSRT
My deductible is $500, but I only pay $86/month so I dont know if it would drop all that much if I raised it to $1000, a couple bucks per month maybe :dunno:
I assume you only have PLPD, I don't think that one can be raised. |
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| bluSRT |
quote:
Originally posted by dtjohnst
I assume you only have PLPD, I don't think that one can be raised.
No sir, thats full coverage. It helps when my mortgage and roomate is all through the same company. :) |
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| dtjohnst |
quote:
Originally posted by bluSRT
No sir, thats full coverage.
$86/month for full?
I've got no at fault accident or violations of any kind in the last 10 years, plus defensive driving, offensive driving and high speed pursuit courses, and I pay more than that for PLPD. Where are you insured? I'm getting the screw. |
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| dtjohnst |
| Thank you. Might give them a call. |
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| bluSRT |
quote:
Originally posted by dtjohnst
Thank you. Might give them a call.
Hey no problem, anything to help someone possibly save some money from a insurance company. :thumbup: :thumbup: |
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| stealth |
I don't know if TD is the same as TD Meloche Monnex, but I got a quote/insurance through them, because I am part of a Post Secondary Alumni group, and their rates were a bit more than what I was paying with my previous company.
And also they wouldn't insure my MR2, because it was high risk.
Needless to say, I went back to my old company. |
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| GOT BOOST |
quote:
Originally posted by EK9Hatch
I was reading a book on finances and investing, and I noticed that a good way to save money is to jump up your insurance deductible on your car insurance.
I called today and they said that I would save about $240 anually, if I jumped up my deductible from my current $500, to $1,000.
What do you guys think? I'm not sure if I want to jump it up to $1,000 to save a lowsy $240 a year. Considering this, it would take me two years of being accident free, to recover the loss of paying the $1,000 deductible, in the case that I did get into an accident.
Any thoughts on this?
What do you guys pay for a deductible?
Jamie
Hi Jamie,
My deductible is $1,000.00.
Think on how often you get into an accident?
Think on the cost of damage on collisions. Would you process a claim for lets say $800.00 when your deductible is $500.00. So that $300.00 claim takes away your accident free status and bumps your rate?
Personally I would not process a claim unless the damage is going to cost me more than $2,000.00 out of pocket and it was my fault.
If the claim is not my fault, then I have nothing really to loose.
Sure $240.00 per year is not that much, however over a period of 10 years or so, it adds up.
Why pay the extra money if you do not need to?
Mike |
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| SilverNeonRacer |
quote:
Originally posted by dtjohnst
$86/month for full?
I've got no at fault accident or violations of any kind in the last 10 years, plus defensive driving, offensive driving and high speed pursuit courses, and I pay more than that for PLPD. Where are you insured? I'm getting the screw.
My wife's been driving for over 10yrs 7star, maybe 8 star again, got a ticket 2years ago, she pays(well I pay it, but her policy) $86/mo full coverage with accident forgiveness, rental cars, $250 deductable on comp $500 on collision
Mine is $104/mo, was $83, cept they goof'd and forgot to make me pay for my collsion and comp... so now I'm playing catchup. Come renewal I'll be $91/mo full coverage with glass, and full coverage on a 97 snowmobile. same deductables as my wife and $250 deductable on the glass. (at $1300 to replace my rear window and the risk of it going boom any time I drive down a gravel road while towing a trailer.. it'll be worth it..)
So umm yeah your getting th shaft, hard and dry, cause I have like 9 demerits, 1 claim on my comp and 1 collision that hasn't been settled that just or is about to drop off. |
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| DelSoln |
quote:
Originally posted by stealth
I don't know if TD is the same as TD Meloche Monnex, but I got a quote/insurance through them, because I am part of a Post Secondary Alumni group, and their rates were a bit more than what I was paying with my previous company.
And also they wouldn't insure my MR2, because it was high risk.
That is really odd. I had no problems back when I had my deuce. |
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| EK9Hatch |
I went ahead and up'd my deductible from $500 to $1,000. Hopefully no accidents occur anytime soon!
Jamie |
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