Lenders that allow higher insurance deductibles?

[Anonymous]

I apologize in advance if this has been discussed already, I tried to search but didn't find anything. I was recently pre-approved by Capital one's auto financing tool, and am already approved through Navy Federal for $21, 450 for a car loan. my issue is that Navy Federal requires an insurance deductible of no more than $500. My Motor Vehicle Record is less than perfect so that makes Insurance unaffordable. 

does anyone know off the top of their head a specific lender that allows a $1, 000 deductible? My wallet can afford over $350 a month for insurance but I don't think my mind can 😂

[Anonymous]

DCU allows a $1,500 deductible.

[Anonymous]

Can you afford to drop 1000 bucks if something happens? As an adjuster i can't tell you how many times I have had regretful insureds staring down the barrel of a high Deductible wishing they had looked beyond the monthly payment to really examine what they could afford to pay with almost no notice. Most of the time higher risk to the bank comes with higher rates so long term you are also spending more to "save" on your insurance payment.

[Anonymous]

Yes, I can afford the higher deductible. I appt ciate your concern and hear what youre saying.

[Medic981]

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@Anonymous wrote:
Can you afford to drop 1000 bucks if something happens? As an adjuster i can't tell you how many times I have had regretful insureds staring down the barrel of a high Deductible wishing they had looked beyond the monthly payment to really examine what they could afford to pay with almost no notice. Most of the time higher risk to the bank comes with higher rates so long term you are also spending more to "save" on your insurance payment.

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This all goes back to having emergency savings to cover those unforeseeable financial problems. That said, covering your insurance deductible is a foreseeable event, just hopefully not inevitable. 

[Anonymous]

Have you tried quotes from other companies?  In my experience, they vary by quite a large margin.  At one time not too long ago I had 3 speeding tickets on my record.  My rate quotes were anywhere from $250-$88 and all of them were for a $500 deductible and similar coverage.  If you have all of the other things that you may not need then cut them out also (rental reimbursement, roadside assistance, etc.)  Yes, raising your deductible will lower your rates but if you get in an accident then you certainly won't like a high deductible.

[Anonymous]

My deductible is $1000. It would cost me $101 more per 6 months to lower it to $500. So I save $202 per year in premium cost which means if I can manage 2 1/2 years without an accident I'm break even. After that it's profit time. 

I've driven a lot of years and never had an accident. Guess I'm pretty far ahead, huh?

[Anonymous]

Wells Fargo Dealer Services (I know, I know) allows at least $1000 because that's what I have. 

[Anonymous]

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@Anonymous wrote:

I apologize in advance if this has been discussed already, I tried to search but didn't find anything. I was recently pre-approved by Capital one's auto financing tool, and am already approved through Navy Federal for $21, 450 for a car loan. my issue is that Navy Federal requires an insurance deductible of no more than $500. My Motor Vehicle Record is less than perfect so that makes Insurance unaffordable. 

does anyone know off the top of their head a specific lender that allows a $1, 000 deductible? My wallet can afford over $350 a month for insurance but I don't think my mind can 😂

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Credit unions are the best way to go. PenFed and American Eagle Finanical Credit Union both accepts $1000 deductible. 

[sccredit]

I've kept a $1,000 deductible for  along time.  As the poster above said - my breakeven is about 2.5 years so the last 4 years without a claim have put my 1.5 years in profit.  I have had auto loans with PenFed, NFCU and Logix, never has the $1k deductible been an issue.