What type of coverage do you need?

Deductibles might seem pretty straightforward, but there’s quite a bit you have to think about when deciding on how high to set your deductible. Much depends on the unique details of your car insurance in Philadelphia.

A deductible is what you pay on a claim and reduces the amount your policy pays. When you choose a $500 deductible, and you have an accident that costs $3000, you would have to pay $500 for repairs and the insurance company will pay the remaining $2500. Your deductible does have a direct affect on your premium – the higher your deductible, the lower your premium.

You only have to set a deductible for collision and comprehensive coverage, which are both optional. How you decide on what amount to set your deductible is all about weighing the risks.

You can never predict the future, but you probably do know what kind of driver you are, and how secure your vehicle is. You might choose to have a higher deductible if you believe you are unlikely to have a collision that’s your fault and your vehicle is unlikely to be stolen.

You also need to think about your finances. Ask yourself how much money you would be willing or able to part with if you had to make a claim on your car insurance in Philadelphia and weigh that up against the likelihood you’ll have to make a claim. For you, choosing the deductible is an exercise in risk assessment, similar to the one your insurer does when setting your premiums. With The Weimer Group, you can get the coverage you need for your car. Contact us today for more information on deductibles!
Posted 12:00 PM

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