Understand the out-of-pocket amount
A deductible is the part of a covered loss you pay. Suppose an approved collision claim has $3,000 in covered damage and a $500 deductible: the insurer would generally pay $2,500. This example leaves out other adjustments; the policy and claim settlement determine the actual payment.
Balance premium and affordability
Ask for two prices with the same coverage and different deductibles. Then compare the premium difference with the extra amount you would need to pay after a claim. A smaller premium is less useful if the deductible would be difficult to cover.
Check each coverage separately
Your collision and comprehensive deductibles may differ. Ask the provider whether any other deductible applies and how it would be handled in a claim. Do not assume one amount applies to the entire policy.