The vehicle insurance deductible is created so that people think twice before using their policy “for the pure ones” and also to encourage them to have some more care when driving, because in case of using their policy, there is a percentage that you must leave your budget.
Unnecessary to have vehicle insurance
For many people, the collection of the deductible makes it unnecessary to have vehicle insurance. They argue that “they will still have to pay,” however, you should know that the deductible is equivalent to a minimum percentage, which can be 10% or 15% of the total, and does not compare to paying 100% of the claim.
In addition, in many cases the insurers eliminate the need to pay it, for example, in cases of damage to third parties or when the driver of the other car was the one to blame for the accident.
Choosing the insurance that suits you
But if it is a matter of choosing the insurance that suits you, what should you do with the deductible? Should you choose a very cheap one or a higher one? What you should consider is that in many cases, the higher deductible is equivalent to the lower charge of the policy, but this may cause it to be difficult to cover the agreed percentage at the time of use and therefore have trouble using the insurance.
The policy may increase its value
On the other hand, the cheaper the deductible, the policy may increase its value, which could cause difficulties in paying for it and protecting your vehicle. So, the ideal is to locate an intermediate option, which does not jeopardize your budget.
Remember that this deductible can be given in amounts or as a percentage, and that will depend on the insurer you hire, in addition, it may vary depending on the coverage in question.
Do you want to find the ideal insurance for your profile? Compare the alternatives using the Good Finance vehicle insurance comparator.