Evaluate whether raising your deductible from $500 to $1,000 or $2,000 pays off in annual premium savings.
According to the Insurance Information Institute (III), the average private passenger car driver files a collision claim once every 10 to 12 years and a comprehensive claim once every 17 years.
Do not raise your deductible if paying $1,000 out-of-pocket would force you to take on high-interest credit card debt or delay vehicle repairs required to commute to work.
Comprehensive (theft, hail, deer, cracked windshield) is generally cheaper to keep at a lower deductible ($250-$500), while collision deductible can comfortably be raised to $1,000 for substantial premium discounts.