When choosing and auto insurance collision deductible it is important to compare the premium associated with the deductible that is selected. Many times the collision premium on a policy will be the largest contributing factor in the premium. This reigns true for youthful operators and drivers that have multiple violations.
When selecting a collision deductible there are many options to choose from. The most common are $250, $500, and $1000. The rates will vary based between the options available. The deductible listed on the policy is the amount that the insured will need to pay out prior to the insurance company paying for repair or replacement of the vehicle.
The most common deductible that is carried on a policy is $500. When a vehicle is financed the lender often requires that the borrower carries no higher than a $500 deductible. With the premium derived from collision coverage being the highest on many auto policies it is recommended that when getting auto insurance quotes that consumers request the rates for $500 and $1000 deductibles.