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I would just pay $500 deductible and let Toyota fix it. It sucks when this happens. His mind must be on something else at the moment. I rushed out the garage once because I was running late and boom, hit the garage side with my driver's mirror. It's still not as bad as getting road damage on day one from a dealership.
Going down to $500 was a good decision. I can afford a grand but $500 is a lot better lol. Car gets messed up? 500 bucks.
You have to do a cost/benefit analysis. The collision deductible has a big impact on your premiums. When I went from $500-$1,000 for a collision deductible my premiums went down $700 a year, saving $700 in premiums I will pay every year for the chance that it MIGHT cost me $500 more in a collision deductible, which I have never paid in 25 years of driving (knock on wood) is a no brainer to me.
Comprehensive deductibles have a much smaller impact on the payment, mine is $50.
You have to do a cost/benefit analysis. The collision deductible has a big impact on your premiums. When I went from $500-$1,000 for a collision deductible my premiums went down $700 a year, saving $700 in premiums I will pay every year for the chance that it MIGHT cost me $500 more in a collision deductible, which I have never paid in 25 years of driving (knock on wood) is a no brainer to me.
Comprehensive deductibles have a much smaller impact on the payment, mine is $50.
Placebo effect. But believe me I've come out ahead, like I've said. I've had to tap into insurance a few times. Even just knowing if something goes wrong/at fault accident I'm only out $500.
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Originally Posted by AJT123
Placebo effect. But believe me I've come out ahead, like I've said. I've had to tap into insurance a few times. Even just knowing if something goes wrong/at fault accident I'm only out $500.
How is it a placebo effect?
Insurance companies want you to feel good just knowing you have a low deductible, because they make more money off of you that way. They want you to have $50 deductibles on everything. I promise you that your lower deductible has not worked out for you financially, if insurance companies didn't come out ahead they would be out of business. You're paying extra for the comfort that you only have to come out of pocket $500, and thats totally fine, but you aren't coming out ahead.
Most people don't file collision claims regularly, like I said in 25 years of driving I have never filed a collision claim, nor has my wife. I've filed comprehensive claims but never an at fault collision claim. My wife ran into another car last year and that driver filed a claim, that was the first at fault claim either of us have ever had, and since we didn't file a claim to repair our vehicle there was no deductible.
I have saved well over $10,000 on premiums in my life having $1,000 deductibles, so if that means one day I have to pay $500 more for a deductible thats a-okay with me.
Knock on wood all over the place on this one...because I have majorly jinxed myself lol
My Chiropractor actually has a $5k deductible, and recently had the first claim of his life, for peeling off the fender trim of his X5M and scraping his wheel on either a retaining wall or bollard (don't remember). He was pissed when he got the initial damage estimate of $5030 and wished he hadn't filed a claim. But as always, there was a little more damage, and I think it wound up at about $8k, so not quite so pointless.
But he's mid 40s and has been driving expensive cars for a LONG time. I guarantee he's saved tens of thousands of dollars on premiums over the past 20+ years by having a high deductible.
I should probably call my agent and see what I'd save by increasing my deductibles.
My Chiropractor actually has a $5k deductible, and recently had the first claim of his life, for peeling off the fender trim of his X5M and scraping his wheel on either a retaining wall or bollard (don't remember). He was pissed when he got the initial damage estimate of $5030 and wished he hadn't filed a claim. But as always, there was a little more damage, and I think it wound up at about $8k, so not quite so pointless.
But he's mid 40s and has been driving expensive cars for a LONG time. I guarantee he's saved tens of thousands of dollars on premiums over the past 20+ years by having a high deductible.
I should probably call my agent and see what I'd save by increasing my deductibles.
Oh, he has saved tons. Most people are over-insured, and pay way more for insurance than they need to. The point is to save yourself from financial harm, if you can't put your hands on $1,000 then yeah, you need that coverage, but if you can then you are paying too much for insurance. Over $1,000-$1,500 in deductibles though the difference in premium tends to fall off. I saved $700 a year going from $500-$1,000, but going to $1,500 only saved me another $115 or something. The only reason my policy was $500 is I changed companies a few years ago and the new policy was so much cheaper than the one I had I just left them at $500. As it started to go up though I switched it to $1,000.
Its all about risk mitigation, and they know people with $1,000 deductibles are much less likely to file claims than those with lower deductibles, so the difference in premium is big, but above $1,000 the difference doesn't change much.
Its why people with huge assets don't pay for life insurance, they don't need it.
My Chiropractor actually has a $5k deductible, and recently had the first claim of his life, for peeling off the fender trim of his X5M and scraping his wheel on either a retaining wall or bollard (don't remember). He was pissed when he got the initial damage estimate of $5030 and wished he hadn't filed a claim. But as always, there was a little more damage, and I think it wound up at about $8k, so not quite so pointless.
But he's mid 40s and has been driving expensive cars for a LONG time. I guarantee he's saved tens of thousands of dollars on premiums over the past 20+ years by having a high deductible.
I should probably call my agent and see what I'd save by increasing my deductibles.
Increasing deductible definitely helps if you're confident with your driving. For him... maybe he knows if he ever got into an accident, he can get money elsewhere to cover his deductible. I didn't know they can afford that kind of cars.
Pretty selection. We were all talking about adding garages and space etc a few days ago. It would look terrible, off to the left is the only place to do it. Not intended to start debate but zoom in on my LS plate .
Thanks everyone for the comments and suggestions. I went ahead and ordered a replacement mirror which I will install myself, and will get a quote for the door then decide whether to use insurance or not, though I likely will.
Increasing deductible definitely helps if you're confident with your driving. For him... maybe he knows if he ever got into an accident, he can get money elsewhere to cover his deductible. I didn't know they can afford that kind of cars.
from what i can tell one's skill as a chiropractor is measured by the amount of hot girls in sports bras you can get to appear in your youtube videos, and how good your catchphrase/unique move is... such as the 'ring dinger' lol
Thanks everyone for the comments and suggestions. I went ahead and ordered a replacement mirror which I will install myself, and will get a quote for the door then decide whether to use insurance or not, though I likely will.
What I mean about placebo effect is that I spend frivolous amounts of money monthly on all kinds of things like Netflix etc. so it doesn’t matter if my insurance is $30 more expensive because I took my deductible down. I don’t think about it and don’t care.
I have come out ahead financially.
And I agree, it isn’t normal to file claims as much as I have in recent years but that’s life sometimes. Both times with the LX, the first time I had noticed my dock left our brand spanking new boat in the water for 3 days, so I backed up really fast to confirm it, pop, hit one of those gas station poles. Of course it’s my fault but if the dock had put the boat up like they were supposed to it wouldn’t have happened. It was miscommunication.
The second LX claim the next year was me running into a cement base of a now gone big streetlight pulling into a used car lot. It was covered by plants and both my spouse who has never wrecked, and a good friend of mine who is literally a race car/professional driver said they would have hit it too. It’s hard to explain, but trust me.
Bad luck sometimes, I don’t care if I pay more each month knowing it’s a lousy $500 to fix anything.
my insurance is $30 more expensive because I took my deductible down.
[...]
I have come out ahead financially.
This can only be true if you've never gone more than 16 months between claims since lowering the deductible. But then again, it still wouldn't be true because your rates would have been jacked up due to having too many claims.
This can only be true if you've never gone more than 16 months between claims since lowering the deductible. But then again, it still wouldn't be true because your rates would have been jacked up due to having too many claims.
Lol my insurance hasn't even gone up because of claims. Not one penny. I have a dedicated insurance agent with whom I communicate with directly, she's always trying to save me money.
And lol.... who cares??? The $500 is peanuts, it just has a much nicer ring to it than "a grand" if you make a stupid mistake.
I was told on here my insurance was gonna drop me lol. They haven't even raised my rates at all.
04-19-24, 08:06 AM
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