The best way to estimate how much deductible works for you is to calculate how much money you have in your savings; how much money you have after you pay your monthly bills, and how much money you have in terms of available credit. If none of these sources of funds is $500 or better, go for $500 deductible. If you have over $500 in these resources available, consider $1000 deductible.

Let's keep it simple. The fact is that the higher you set your deductible, the more your premium rates will decrease. Insurance is a numbers game. It's about probability. It's about assuming risks and gambling. You can be sure that the insurance companies will never take a loss. They have very intelligent actuaries and computer programs that dictate the cost of their coverage. You have to ask yourself what your vehicle is truly worth. Set your deductibles as high as you can reasonably afford. And remember that developing safe driving habits for the long run, every time you drive, is the best way to ultimately decrease your insurance premium rates.