Best Car Insurance With a $500 Deductible | Bankrate

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What is a car insurance deductible?

A car indemnity deductible is the measure you would be responsible for paying out of pocket if your vehicle needs repairs or replacement due to a cover accident or incident. Deductibles might besides apply to claims for personal checkup expenses. Whereas insurance premiums are how much you pay to insure your car for a period of time, your deductible merely applies when you make a breed physical damage claim. Deductibles are normally available in increments ranging from $ 0 to $ 1,500, and the amount you choose has an impact on how much you pay for premiums. Most people choose a deductible between $ 500 and $ 1,000. If you caused an accident, your indebtedness coverage will cover the other party ’ s checkup and property damage expenses. You will not have a deductible tied to this sum. however, you will typically find an car indemnity deductible tied to a comprehensive examination, collision or personal wound security ( PIP ) claim you make with your fomite. You may besides have one for uninsured or underinsured motorist place damage claims. The types of coverage a deductible applies to can vary from submit to state of matter. A license policy agent can assist with the appropriate deductible for each coverage .

Cost of car insurance with a $500 deductible

The average cost of car insurance with a $ 500 deductible is $ 1,674 per class for a full coverage policy, based on Bankrate ’ second 2021 cogitation of quoted annual premiums. Bankrate ’ s sample driver profile includes a $ 500 deductible for both collision and comprehensive examination coverage. however, your rate is probably to differ from the home average based on a variety of personal factors, like your department of state, policy options and insurance company. A accredited insurance agentive role can work with you to show you accurate quotes based on your personal factors .

Best car insurance with a $500 deductible

A $ 500 deductible is a fairly common option, which means you should be able to find quotes from numerous providers with this deductible total. The table below includes examples of the best cable car indemnity with a $ 500 deductible in 2021 determined by Bankrate ’ s analysis of average annual premiums .

Car insurance company Average monthly full coverage premium Average annual full coverage premium
Erie $103 $1,233
Geico $117 $1,405
State Farm $121 $1,457
Travelers $110 $1,325
USAA $102 $1,225

A full coverage policy, which typically refers to a policy including liability, comprehensive and collision coverage, provides greater fiscal security versus merely purchasing the bare minimum. however, there are other options available for add fiscal auspices. For exemplify, opening policy helps pay the “ col ” between how a lot you owe on a lease or loan and the sum an indemnity company values your vehicle at, should your newfangled fomite be totaled in a cover accident or if it is stolen and can not be recovered .

Is it better to have a higher deductible?

Deciding if it is better to have a higher or lower deductible is an person choice and based on your fiscal circumstances. While a higher deductible normally allows for lower overall premiums, it besides means you would have to pay more out of air pocket in case of a collision or comprehensive examination claim with your vehicle. many fiscal experts recommend having enough in savings to cover the deductible measure at any point. For example, if you have an at-fault car accident and your fomite gets damaged, your out-of-pocket costs for repairs would reflect the amount you selected for your deductible. The chart below illustrates the difference in premiums when you choose a $ 500 deductible versus the $ 1,000 option. By selecting the higher deductible option, the national average of agio savings is $ 215. It is up to your personal and fiscal situation to determine if it is better to pay less upfront and have to pay more out of scoop should you need to make a claim .

How to keep car insurance rates low

The deductible is only one piece of the puzzle for determining your overall policy premium. If you are looking for other ways to save on your car indemnity policy, be certain to review all available discounts offered by the provider. There may be ones available you were not tied aware of. Staying claims- and accident-free, a well as insuring a safe vehicle, could besides help you obtain a lower rate. Your driving history and claims history are two main factors indemnity companies use to determine how much you ’ ll pay.


Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean drive record, good credit and the follow full coverage limits :

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimal coverage that meets each state ’ mho requirements. Our base profile drivers own a 2019 Toyota Camry, permute five days a workweek and drive 12,000 miles per annum. These are sample rates and should only be used for comparative purposes .

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