Is motor insurance voluntary deductible a good thing?

Is motor insurance voluntary deductible a good thing?

A voluntary deductible is an amount of money that you choose to pay out of pocket in the event of a motor insurance claim. This amount is in addition to the mandatory deductible that is required by your insurance policy.

Whether a voluntary deductible is a good thing or not depends on your individual circumstances and priorities. Here are some things to consider when deciding whether a voluntary deductible is right for you:

1. Premium cost: A higher voluntary deductible can lower your car insurance premium, so if you're looking for ways to save on your insurance costs, this may be a good option.
2. Risk tolerance: If you're willing to take on more financial risk in the event of a claim, a higher voluntary deductible may make sense. On the other hand, if you prefer to have more protection in case of an accident, a lower voluntary deductible may be a better choice.
3. Claim frequency: If you're a safe driver and don't anticipate making many claims, a higher voluntary deductible might make sense. However, if you're more likely to make a claim (e.g., if you live in an area with a high rate of car accidents), it might be better to opt for a lower deductible.

Ultimately, the choice of voluntary deductible is a personal one that depends on your individual circumstances and priorities. It's important to carefully consider your options and choose a deductible that provides the right balance of protection and cost for your needs.