The short answer
Going from $500 to $1,000 typically saves 10–15% on comp/collision — often $100–$250/year. Break-even in 3–5 years if claim-free. Only raise to $1,000+ if you have the cash available to pay the deductible. On older cars with low ACV, consider dropping comp/collision entirely once premium exceeds ~10% of the car's value.
Frequently asked
- Can I lower it after a claim?
- Yes at any renewal, but rates jump proportionally.
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