Only you know if you can afford to pay a thousand dollars or more in case you wreck your vehicle. People who live paycheck-to-paycheck need more of a safety net – a lower deductible. Choose a deductible level that you are comfortable paying in case you ever need to come up with the money quickly. If your monthly premium is a hardship to pay, you may want to consider switching car insurance companies or adjusting your policy rather than raising your auto deductible.
It’s not always a good idea to raise your deductible in order to lower your car insurance rates. If you get in an accident, you may have to come up with a lot of money to fix your vehicle. If you don’t have any money in savings, your car can’t get fixed until you have the cash ready.
Overall, don’t change your deductible limits unless you are prepared to pay for extensive car repairs. Do you rely on your vehicle to get to and from work? You may not be able to commute to work without repairing your car. Most people are better off in the long run if they choose to keep their low deductibles.