How to select Auto Insurance Deductibles

Many of America’s drivers don’t understand how to select a deductible for their comprehensive or collision coverage.  Madrigal & Welch Insurance would like to help drivers know how to choose the deductible that is best for them.

First, determine how much coverage you need.  Do you need full coverage or liability only?  If you only need liability coverage, then you won’t have a deductible.  An Auto Policy with full coverage requires two separate deductibles – one for comprehensive damage, and another for collision damage. 

Second, consider the amount you would be willing to pay in the event of a claim.  If your vehicle is damaged you will first be responsible to pay your deductible before additional reimbursement kicks in.  For example, if your deductible is $1,000 and you are in an accident which causes $8,000 of damage, then you will be responsible to pay your deductible of $1,000 first.  The remaining $7,000 will come from your insurance company, assuming the damage was the result of a covered loss. 

Generally speaking, the higher your deductible the lower your premium, and vice versa.  For more information on deductibles or to find out how to select one that will best accommodate your budget, please call Madrigal & Welch Insurance at 316-201-6488.


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