answersLogoWhite

0

It depends. If you plan on having a lot of claims against the insurance, 500 deductible is a better deal. If you only want the insurance to protect you from MAJOR disasters that don't usually happen in your life, 1000 deductible is much less money. For the difference in the cost of the insurance, I'd much rather have the 1000 deductible. I'd just put the difference in the cost of the premium into the bank and let it draw interest. Then, when/if I have a claim, I would use that money to make up the difference. In the end, it's all just a crap-shoot. Insurance companies are betting that you'll NOT cost them more than the premium that you pay, that's how they make money. On the other hand, we're ALL hoping that we never have to use the insurance but want them to take care of EVERYTHING if we have a problem.

User Avatar

Wiki User

19y ago

Still curious? Ask our experts.

Chat with our AI personalities

LaoLao
The path is yours to walk; I am only here to hold up a mirror.
Chat with Lao
JudyJudy
Simplicity is my specialty.
Chat with Judy
FranFran
I've made my fair share of mistakes, and if I can help you avoid a few, I'd sure like to try.
Chat with Fran

Add your answer:

Earn +20 pts
Q: Which is better 500 deductible or 1000 deductible?
Write your answer...
Submit
Still have questions?
magnify glass
imp