A full coverage car insurance policy can have a $500 deductible, but you will generally have options ranging from $100 to $2,500. When purchasing a full coverage car insurance plan, you will choose a deductible for each component that uses one, including collision and comprehensive insurance.
Common Deductibles for Parts of Full Coverage Policies
A full coverage policy typically includes at least the minimum insurance coverage required by state law as well as additional forms of coverage such as collision insurance and comprehensive insurance. You will need to choose a deductible for various parts of your full coverage policy. For instance, you may need to choose a deductible specific to personal injury protection, which can be a different amount than your collision insurance deductible. However, not every component of your full coverage policy will require a deductible. Liability insurance, for example, does not need a deductible.
A deductible is the amount of money you have to pay out of pocket for an accident before your insurance company will pay for the rest, up to your policy limit. So, a $500 deductible means you are required to pay $500 before your insurance company will cover the rest of the claim. A $500 deductible is a common choice because it is an easier amount to pay out of pocket than a $1,000 deductible, and it allows for cheaper monthly premiums than a $250 deductible.
Yes, a $500 deductible is good for car insurance since it is one of the most common deductible amounts. A $500 deductible is often chosen because it is high enough to keep monthly premiums down while still being a relatively affordable amount to pay out of pocket in the event of a claim.… read full answer
When choosing a deductible, higher deductibles may seem like a good idea because they typically result in lower monthly premiums. But be careful to only choose a deductible that you could afford to pay out of pocket if an accident occurs.
You should also consider the total amount of your deductibles when choosing a deductible for each type of coverage. For example, if you are at fault for an accident, you may have to pay your collision deductible as well as deductibles for personal injury protection or health insurance.
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