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The average car insurance deductible is $500. In general, the most common car insurance deductibles are $500 and $1,000, but drivers can usually choose any amount between $100 and $2,000 when they purchase their auto policy.
The deductible amount that you choose should be based on what you can afford to pay if your vehicle is unexpectedly damaged. Higher deductible policies tend to have lower premiums, but if you choose a deductible that you can’t afford, you risk being unable to actually use your insurance coverage when you need it.
To learn more, check out WalletHub’s guide to car insurance deductibles.
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What is a collision deductible waiver?
A collision deductible waiver helps drivers save money on their deductible after an accident with an uninsured driver. Collision damage waivers typically apply only to accidents where an identified driver without insurance is completely at fault. A notable exception is California, where collision deductible waivers can be used in hit-and-run accidents.
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read full answerWhat's a good deductible for auto insurance?
A good deductible for auto insurance is an amount you can afford after an accident or unexpected event, although most drivers pick an average deductible of $500. Other common auto insurance deductibles are $250 and $1,000, but drivers should take several factors into account before deciding which one is right for them. These include what premium they can afford and how likely they are to file a claim.
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read full answerIs a $500 or $1,000 deductible better?
A $1,000 deductible is better than a $500 deductible if you can afford the increased out-of-pocket cost in the event of an accident, because a higher deductible means you’ll pay lower premiums. Choosing an insurance deductible depends on the size of your emergency fund and how much you can afford for monthly premiums.
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