Comprehensive Deductible
June 5th, 2010
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Question: Does insurance mandate a Minimum Deductible on collision/comprehensive?
For the past decade, I have owned all my cars outright (no car payments).
However, due to a PT Cruiser that self-destructed upon the expiration of it’s powertrain warranty, I buying a car with an auto loan.
Previously, I have always had $1000 collision and comprehensive deductibles. Typically, do insurance companies permit me to keep this deductible, or will they force me to a lower deductible?
For details on “self-destructing” (not relevant to question). Powertrain warranty ended at 70,000 miles. Between 70k and 84k miles:
- Bad automatic transmission solenoid
- Broken engine mount
- Wheel bearings need to be replaced
- Cooling auxilury motor broke
- Multiple cooling leaks
- Leaking oil pump
- A/C compressor not working and squealing
Answer: Yes. All carriers have a state filed minimum deductible, with the state insurance commissioner. Some states, the commissioner decides what the lowest deductible can be.
Your insurer will allow you to keep the thousand dollar deductible.
Typically, however, a lender is going to require that your deductibles not be higher than $500. So you’ll have to read that loan agreement very carefully – if you agree to it, it’s binding.
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Reducing Your Monthly Rates For Collision And Comprehensive Car Insurance
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