Insurance deductible calculator
Compare two deductible choices using premiums and an estimated claim. A higher deductible may reduce premiums but can increase what you pay after a loss.
A higher deductible may reduce premiums but can increase what you pay after a claim.
Assumptions
- This is a one-claim, one-year illustration using only the five numbers you enter.
- It ignores multiple claims, discounts, percentage deductibles and non-renewal rules.
- Premium difference is lower-deductible premium minus higher-deductible premium.
When a higher deductible might make sense
If you can pay the higher deductible from savings and the premium reduction is meaningful, some people prefer it. If a modest claim would erase the savings, a lower deductible may cost less in that year.
Break-even
The break-even claim is the loss size at which combined premium-plus-deductible costs are similar in this simplified model. It is not a prediction of whether you will have a claim.
Frequently asked questions
Should I raise my deductible to save money?
Only you can judge cash reserves and risk tolerance. This tool does not recommend a deductible.
Do liability claims use these deductibles?
Auto liability usually does not use a collision-style deductible. Property and health deductibles follow their own rules. Use numbers from the coverage you are actually comparing.
This website provides general educational information and estimates. It is not an insurance company, insurance agent, broker, financial adviser, attorney, or other licensed professional. Calculator results are illustrative and should not be considered insurance quotes or professional advice.