How much will raising my car insurance deductibles save me?

How much can I save by raising my deductible? And how high should I raise them?

You've just offered to cover more of any potential comprehensive or collision claim - in other words, a bigger share of the risk. You're going to save money.

But don't expect a car insurance miracle.

By far the most common amount selected for car insurance deductibles is $500, chosen by about 74 percent of drivers with collision and comprehensive. The next most common is $1,000. Depending on your state and your carrier, you may be able to go as high as $2,500.

If you pay a lot already for car insurance, a bigger deductible will save you more than it would someone who pays rock-bottom rates. Let's compare quotes for full coverage at $500 and $1,000 deductibles for Wanda, who drives a 2013 Ford Escape in Biloxi, Mississippi.

$500 deductible

$1,000 deductible


Company A

 $                  1,776

 $                      1,704

 $       72

Company B

 $                  2,076

 $                      1,884

 $    192

Company C

 $                  2,496

 $                      2,328

 $    168

She saves anywhere from $72 to $168 a year in return for taking an additional risk of $500. It's a pretty easy way to save money - as long as you have the cash for your deductible stashed somewhere.