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Enter your car insurance details to calculate the potential savings and out-of-pocket costs based on adjusting your deductible.
Car Insurance Deductible Calculator
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Car Insurance Deductible Formula
Annual Savings = Premium × Reduction%
Out-of-Pocket = Min(Repair Cost, New Deductible)
Formula SourceRelated Calculators
What is Car Insurance Deductible?
A car insurance deductible is the amount you pay out-of-pocket when filing a claim before your insurance policy kicks in. Higher deductibles can reduce your premium, but increase your financial risk in the event of an accident.
Choosing the right deductible is important for balancing your premium savings and potential out-of-pocket costs. A higher deductible can lower your premium but may leave you with a larger expense if you need to file a claim.
How to Calculate Car Insurance Deductible (Example)
- Step 1: Enter your current premium, deductible, new deductible, and accident repair cost.
- Step 2: Calculate the estimated premium savings by multiplying the premium by the reduction percentage.
- Step 3: Calculate the out-of-pocket cost as the minimum of the accident repair cost and the new deductible.
- Step 4: Review the detailed calculation steps below.
Frequently Asked Questions (FAQ)
Higher deductibles like $1,000 or $1,500 usually offer the biggest savings.
Does deductible affect coverage?No, only how much you pay out-of-pocket before insurance kicks in.
How often can I change my deductible?Usually anytime before your policy renews—contact your insurer.