In our last blog post we touched on the importance of knowing what types of things could factor into your deductible. From the amount of time that you spend driving to what a realistic budget looks like for you, there are quite a few things that could affect what amount of money you feel comfortable spending before receiving any help from your insurance company.
The team at Security Insurance Group in Fort Collins really wants to make sure that you’re set when you figure out what deductible is going to be the best policy for you. Here are just a few other things that you should remain aware of.
Who Else is On Your Policy
Family policies are great because they allow for you to get the most insurance coverage for all members of your family. While this is a great part of a family insurance plan, this could also affect the amount of money that you are going to be spending on your policy. Depending on the age of your drivers and their driving record up till now, you may want to consider having a lower deductible. If you have any kids that are just getting their licenses, it may be better to lower your deductible even if it is just preparing for the worst case scenario. If you leave your policy at a higher deductible, you could be paying quite a bit out of a pocket for a driver that is still pretty unpredictable.
The Quality of the Vehicle
Since we just covered the possibility of you adding a newer driver to your insurance policy, it’s also worth reviewing how the quality of your vehicles can affect your deductible. As a younger driver, chances are that they aren’t going to be driving extremely new cars. If they are, then you may especially want to lower your deductible, but if the coverage of the car and the repairs that it has isn’t something that you’re especially worried about, then you could consider setting your medical deductible at a certain level, and leaving the deductible for automobile repairs a little bit higher. What determines that quality of a new car vs. an older car is entirely up to your definition and preference, but asking your insurance agent could provide clarity as well.
Chances of an Accident
Car accidents are called accidents for a reason, because they are impossible to predict. While this is the case, driving records do provide some insight into what you can expect when insuring a driver. If you have a driver on your plan that has yet to get into a car accident and has a speeding ticket free record, one can assume that they are a relatively safe driver. On the other hand, if you have a driver that is known for being a Speed Racer, and has had a few light accidents, you may need to consider more coverage. While there isn’t any crystal ball that your auto insurance agent can look into, we can provide you with our most knowledgeable guidance so that you have a better idea of what statistics are saying in regards to your drivers.
At Security Insurance Group in Fort Collins, we truly do believe that your auto insurance policy can be catered to your needs. Schedule an appointment in our office so that we can review all of these factors and find a coverage plan that takes the best care of you!