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North Dakota, USA | I have a few of my accounts set up with a $5K deductible. The one thing I make clear to them before we switch is that it is $5K PER CLAIM not per year. Most years you probably have no claims but that is not saying you can't have three in one year. You can have hail damage a roof in July, back the combine into the grain cart in September, and wrap the end of your chisel plow around a tree in October. They are separate claims and would each come with a $5K deductible.
Personally, I like having a higher deductible so you don't end up with a string of small claims on your record. If I, myself had a $1k deductible and damage to something that cost $1500 to repair, I most likely wouldn't turn it in anyway. In my case, why pay the higher premium for a lower deductible I would never use. But you do need to be aware it can end up costing more than you expect if you have a run of bad luck.
Eric in ND | |
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Insurance deductible...what say you?
