Advantages
One of the main advantages of a deductible is that you reduce your car insurance premium by raising the deductible amount you are willing to pay. If your collision deductible is $1,000, for example, instead of $100, the cost of your insurance could be dramatically lower. Another advantage is that you can select a deductible amount that suits your budget. If you can afford repair costs of a few hundred dollars, you might want to select a higher deductible to take advantage of a lower monthly premium. If any unexpected car expense would be a financial disaster, you can pick a lower deductible so your insurance company would bear the brunt of any covered repairs.
Disadvantages
A disadvantage of a deductible is that you could end up paying your insurance company a premium every year and it might not ever have to pay off any of your expenses. If your car never has covered damages in excess of your deductible, you'll be responsible for both your repair costs and the cost of your insurance, with your insurance company liable for nothing. Another disadvantage of a deductible is that you might have to come up with a large amount of money in a short time to fix your car. This is particularly dangerous in the case of a large deductible. If you have repeated high expenses, you'll have to pay the amount of your deductible every year.
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