Should I choose a higher or lower deductible?

Selecting the right deductible amount is a personal decision that depends on your financial approach. Even if two individuals have similar circumstances, they may have different preferences when it comes to deductible options. Your agent is available to help you understand the advantages and disadvantages of various deductible amounts.

In general, opting for a higher deductible will result in lower insurance premiums, but it means you will need to pay more out-of-pocket if you file a claim. Conversely, choosing a lower deductible will lead to higher premiums, but you will have a smaller amount to pay if you need to make a claim. Consider how much you are comfortable paying in the event of a claim.

Regardless of the deductible you choose, it is important to discuss with your agent the potential impact of filing a claim, particularly if the cost is close to your deductible. Many of our customers have earned significant discounts by refraining from filing claims. If a claim is paid, it could affect the base price of your coverage at your next renewal, potentially resulting in a reduction or loss of the claim-free discount. Additionally, insurance companies consider claims history when determining pricing. Filing a small claim might have a larger cost impact than expected if you decide to switch insurance providers later, which may not be as advantageous. This applies to both our current customers and those considering switching to Bear River Mutual.

For personalized advice on selecting a deductible and understanding the potential implications of filing a claim, we encourage you to consult with your agent. They are equipped to provide you with the specific guidance you need based on your individual circumstances.

At Bear River Mutual, we understand the importance of making informed decisions about your deductible. We are here to assist you in navigating your options and ensuring that you have the right coverage for your needs. Please reach out to your agent for personalized assistance and advice.