Deductible break-even calculator
Raising a deductible lowers the premium but raises what you pay after each claim. Enter two quotes to see how long the saving takes to cover one claim.
Collision or comprehensive, per claim
With the current deductible
With the higher deductible
Your deductible check
Premium saved per year—
Share of your premium—
Extra you pay per claim—
Break-even—
—
Ask agents to quote both deductibles
Averages can't price your car and your record. Tell us the basics of your policy and Guardbrook passes them to licensed insurance agents and insurers who can quote it; you decide whether to switch.
- 1 Your cars, drivers and current policy.
- 2 How agents can reach you, and your consent.
- 3 A licensed insurance agent or insurer contacts you with quotes. Your policy stays as it is until you decide to switch.
Guardbrook is not an insurance company or agency and doesn't sell, quote or bind policies. You pay Guardbrook nothing; the licensed insurance agents and insurers who contact you set their own prices and terms. How we make money.
How the break-even works
The calculator subtracts the quoted premium from your current one to get the yearly saving, and the current deductible from the higher one to get the extra amount you would pay after a claim. Dividing the second by the first gives the number of claim-free years the saving needs to cover one claim.
Example: moving from a $500 to a $1,000 deductible that lowers a $1,800 yearly premium to $1,650 saves $150 a year and costs $500 more per claim, so it breaks even after about 3.3 claim-free years.
What it leaves out
- It assumes a claim bigger than the higher deductible. Smaller damage is paid from your pocket either way, or not claimed at all.
- It treats one claim at a time. Two claims in the same year cost the extra amount twice.
- A lender or leasing company may cap the deductible you can choose on a financed car.
Keep the higher deductible in a savings account so a claim never becomes a debt. More on the choice: raising your deductible.