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Your car insurance deductible might feel unimportant in comparison to your premium until it’s time to file a claim. You’ll need to pay the deductible after you file a claim before your insurance company covers the remaining costs.[1] Accidents happen when you least expect them, so you should make sure you can cover your deductible at any time.
Certainly, Travelers, and Nationwide offer some of the cheapest average monthly quotes for a full-coverage policy with a $1,000 deductible.
Quick Facts
A deductible is the amount you pay toward an insured loss.
A higher deductible typically results in lower insurance premiums.
You can find full-coverage car insurance with a $1,000 deductible for less than $200 per month.
What is a $1,000 deductible, and how does it work?
A car insurance deductible is the amount of money you pay out of pocket after you file a claim.
For example, if you get in a car accident that results in $2,500 in damage and file a claim to repair your vehicle, you’ll need to pay your $1,000 deductible. After you pay the deductible, your insurer covers the rest of the damage. In this case, the insurance company would pay the remaining $1,500, or up to the coverage limits on your policy.
As a driver, you should have easy access to your deductible funds in case an accident occurs. Otherwise, you could be stuck in a difficult financial position.
Most insurance companies offer a wide range of deductible options. For example, you might find deductibles ranging from $100 to $2,000. A $1,000 deductible qualifies as a relatively high deductible.
Opting for a $1,000 deductible comes with one obvious disadvantage: needing to come up with this cash in a hurry after filing a claim. But opting for a higher deductible usually comes with a lower monthly insurance premium.
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How much does car insurance with a $1,000 deductible cost?
In general, setting a higher deductible leads to cheaper insurance premiums. The reverse also holds true, with a low deductible leading to higher insurance costs. But the exact cost of your car insurance policy will vary based on several other factors, including your age, policy type, driving record, location, and more.[2]
Every insurer takes a slightly different approach to evaluating the factors that influence your insurance costs, so these costs vary across insurers. Shopping around for an insurance policy with a $1,000 deductible will help you find the cheapest coverage for your insurance needs.
Certainly offers the cheapest average quote for full-coverage insurance with a $1,000 deductible, at $135 per month. On the costlier end, Direct Auto offers average quotes for full coverage at $291 per month.
Insurance Company
Average Quote: Full Coverage
Insurify Quality Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
Insurify uses an in-house, proprietary method to rate and review the best car insurance companies. The Insurify Quality (IQ) Score uses more than 15 crucial criteria, including average premiums, customer satisfaction, discounts, third-party ratings, and more, to calculate a final score for a company.
Criteria are weighted by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings. With the IQ Score, Insurify is able to provide quantitative ratings for drivers to better compare car insurance companies and make informed decisions to meet their coverage needs.
Best car insurance with a $1,000 deductible
For many people, the best car insurance option prioritizes affordability. After all, car insurance is an unavoidable cost that drivers have to fit into their budgets. At $135 per month, Certainly has the cheapest average full-coverage rates with a $1,000 deductible, but the company only operates in a handful of states. You can find other relatively affordable options through Travelers and Nationwide, which have availability across the country.
Certainly offers auto coverage in Arizona, Illinois, Tennessee, and Wisconsin. Though the company writes and manages your policy, Certainly receives financial backing from Liberty Mutual.
Drivers in most states won’t have access to Certainly. If you do live in one of the states Certainly covers, you might lock in attractive rates. On average, a full-coverage policy with a $1,000 deductible comes with a cost of $135 per month.
Travelers offers car insurance coverage to drivers across the country. In addition to the relatively low average car insurance rates, you’ll also find many discount opportunities. A few of the options available include safe driver, new car, homeownership, early quote, and multi-car discounts.
The long-standing company earned an Insurify Quality Score of 4.3 out of 5. On average, quotes from Travelers for a full-coverage policy with a $1,000 deductible average $174 per month.
Pros
A++ (Superior) A.M. Best rating
Wide range of coverage options
Highly rated mobile app
Cons
Low average customer ratings on Better Business Bureau website
Below-average score in 2022 J.D. Power U.S. Auto Claims Satisfaction Study[3]
Rideshare coverage options limited to Colorado and Illinois
Nationwide offers relatively affordable full-coverage policies with a $1,000 deductible, at an average of $182 per month. Although the company earned a below-average score of 868 out of 1,000 points in the 2022 J.D Power U.S. Auto Claims Satisfaction Study, it did earn an Insurify Quality Score of 4.1 out of 5.
In addition to affordable rates, you’ll find ample discount opportunities to decrease your premiums further. For example, you can get a discount for bundling policies, taking a defensive driving course, being a safe driver, or getting good grades.
Nationwide doesn’t offer coverage in every state, though. The company doesn’t currently operate in Alaska, Hawaii, Louisiana, or Massachusetts.
Pros
A+ (Superior) A.M. Best rating
Long list of discounts
Extensive coverage options
Cons
Some features unavailable in some states
Coverage not available in every state
Low average customer ratings on Better Business Bureau website
How Insurify’s experts used internal proprietary data to rate the top auto insurers
Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page.
The car insurance data includes coverage analysis and details on drivers' vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Service’s database of auto insurance rates.
With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums. The data included on this page represent averages across all driver ages, gender, credit scores, and driver profiles.
$1,000 deductible vs. $500 deductible: Which should you choose?
“If you have a higher deductible, you’ll have a reduced monthly premium, so for some drivers, the benefit of paying less each month outweighs the risk of paying more in the instance of a claim,” says P.J. Miller, partner and independent insurance agent with Wallace & Turner Insurance.
However, if you choose a $1,000 deductible, you should make sure you have easy access to the funds at all times. When you file a claim, you need to have those funds ready. Setting a $1,000 deductible might not work for a driver without easily accessible savings. If you aren’t sure you’d have the funds to pay your deductible, you should consider an insurance policy with a $500 deductible instead.
Other ways to lower car insurance costs
Lower premiums are the biggest appeal of an insurance policy with a $1,000 deductible. But if you don’t want to take on an insurance policy with a high premium, you can use other strategies to lower your insurance costs, including:[4]
Ask for a discount. Many insurance companies offer discounts on their policies. A few popular discounts reward safe drivers, households with multiple vehicles, and people who bundle multiple policy types.[5]
Build your credit. In general, drivers with good credit pay less for car insurance than drivers with poor credit. Focus on paying your bills on time to improve your credit over time.
Shop around. Every car insurance company evaluates risk and calculates premiums in a different way. If you shop around, you can find the best rates for your situation. An online quote-comparison tool makes this task easy.
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$1,000 car insurance deductible FAQs
Deciding on the right deductible for you is important. You’ll find more information below if you still have questions about car insurance policies with a $1,000 deductible.
Is it better to have a higher car insurance deductible?
Drivers tend to save money on car insurance premiums when they choose a higher deductible. Despite the enticing savings, choosing a higher deductible makes sense only if you have easy access to the funds you’d need when filing an insurance claim.
If you have a $1,000 deductible, can you change it to a different amount?
If you want to change your deductible, you can do so by contacting your insurance company. However, a change to your deductible will likely affect your policy’s premiums.
How often can you change your car insurance deductible?
You can adjust your car insurance deductible at any point. If you’re lowering your deductible, be prepared to pay a higher premium. But you can’t change your deductible for an accident that has already occurred.
Which company has the cheapest full coverage with a $1,000 deductible?
Certainly offers the cheapest full-coverage policies with a $1,000 deductible, at $135 per month, based on Insurify data. Other companies offering average monthly premiums below $200 include Travelers, Nationwide, Elephant, Clearcover, and Plymouth Rock.
Can you get a car insurance policy with zero deductible?
You can get a zero-deductible insurance policy in some states. If you opt for a zero-deductible policy, you’ll likely pay higher premiums than someone who chooses a policy with a deductible.
Methodology
Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page. The car insurance data includes coverage analysis and details on drivers' vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Service's database of auto insurance rates. With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums.
Sarah Sharkey is a personal finance writer who enjoys helping people make savvy financial decisions. She covered insurance and personal finance topics. You can find her work on Business Insider, Money Under 30, Rocket Mortgage, Bankrate, and more. Connect with her on LinkedIn.
