Created content for Credit Karma, KeyBank, and Thrivent
Sarah is a freelance writer who covers personal finance and economics. She enjoys delving into the details of insurance, credit, loans, and the labor market.
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
Save up to $717 by comparing quotes from the top 100+ insurance companies
Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
Advertiser Disclosure
At Insurify, our goal is to help customers compare insurance products and find the best policy for them. We strive to provide open, honest, and unbiased information about the insurance products and services we review. Our hard-working team of data analysts, insurance experts, insurance agents, editors and writers, has put in thousands of hours of research to create the content found on our site.
We do receive compensation when a sale or referral occurs from many of the insurance providers and marketing partners on our site. That may impact which products we display and where they appear on our site. But it does not influence our meticulously researched editorial content, what we write about, or any reviews or recommendations we may make. We do not guarantee favorable reviews or any coverage at all in exchange for compensation.
Why you can trust Insurify: Comparing accurate insurance quotes should never put you at risk of spam. We earn an agent commission only if you buy a policy based on our quotes. Our editorial team follows a rigorous set of editorial standards and operates independently from our insurance partners. Learn more.
Cheapest recent rates
Drivers using Insurify have found quotes as cheap as $34/mo for liability only and $44/mo for full coverage.
*Quotes generated for Insurify users within the last 10 days. Last updated on April 25, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from April 25, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users within the last 10 days. Last updated on April 25, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from April 25, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
You pay for your car insurance coverage through regular premium payments, as well as a set out-of-pocket deductible required if you file a claim for covered damages.[1] If you buy a policy with a $500 deductible, you’ll owe $500 any time you file a claim for an accident or other covered damages.
Some of the top insurers that offer policies with a $500 deductible include Nationwide, Dairyland, and Progressive.
Quick Facts
Nationwide offers the cheapest full-coverage policy with a $500 deductible, at $273 per month on average.
Car insurance premiums typically cost more with a $500 deductible than if you choose a higher out-of-pocket amount.
Getting quotes from at least three insurers can help you find the best deal on a $500 deductible insurance policy.
Find Car Insurance with a $500 Deductible
Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
What is a $500 deductible, and how does it work?
A car insurance deductible is the amount you have to pay toward a covered loss when you file a claim. When your insurance company pays out a claim, it subtracts your deductible amount from the value of your claim.
“If you ever get in an accident with another car, and the damage for your car is $2,000 and your deductible’s $500, you’re on the hook for that $500,” says Brian Coughlin, account executive at The Morley Agency. “Then the company pays the first dollar after that, so they would then pay the additional $1,500.”
You usually need to pay your deductible when you file a car insurance claim for property damage, but you don’t owe a deductible on liability coverage. You select your deductible when you purchase a car insurance policy. A deductible can range from a few hundred dollars to $1,000 or more.
Premiums for a policy with a $500 deductible generally cost more than premiums for a comparable policy with a higher deductible. But your out-of-pocket costs when you file a claim are capped at $500.
How much does car insurance with a $500 deductible cost?
The cost of a car insurance policy with a $500 deductible depends on the type of policy you choose. For example, collision coverage, which covers the cost of repairs if your car runs into a vehicle or another object, typically costs more than comprehensive coverage, which protects you in the event of theft, vandalism, and other noncollision incidents.
Costs also vary by insurer. Average monthly quotes for full-coverage insurance with a $500 deductible range from $273 with Nationwide to $544 with Liberty Mutual. Beyond cost, you should also consider the types of coverage a company offers, how much coverage you want, and the insurer’s reputation with customers.
Insurance Company
Average Monthly 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.
Our editorial team spent 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. 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.
We rate each company on a 1 to 5 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. We update ratings once a year or as more recent information becomes available.
Third-party financial ratings: We use data from AM Best, S&P, Moody's, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 20,000 customer reviews across 155 car insurance companies. We also considered third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the United States, as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify identified the number of states in which insurers offer coverage and company size by market share to score availability and reach.
Find Car Insurance with a $500 Deductible
Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
Best car insurance with a $500 deductible
Finding the best auto insurer with the cheapest $500 deductible policy depends on your specific coverage needs and financial situation. You should explore your options thoroughly before selecting a policy, carefully considering each company’s advantages and disadvantages.
Nationwide, Dairyland, and Progressive provide the cheapest average policies with a $500 deductible, based on Insurify data.
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.
4.3
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$85/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$186/mo
In business since 1925, Nationwide is one of the largest insurers, and sells car, homeowners, life insurance, umbrella insurance, and more. In addition to liability, collision and comprehensive, Nationwide provides optional coverages such as towing and labor, rental car, and gap. The company also offers accident forgiveness, and a vanishing deductible that lowers your deductible for each year you drive safely. Nationwide has an A+ rating from A.M. Best for financial stability, and an only slightly higher-than-expected number of customer complaints in the National Association of Insurance Commissioner’s Consumer Complaints Index.
Pros
Numerous discount and savings opportunities
SmartRide (for safe drivers) and SmartMiles (for low-mileage drivers)
Cons
Not available in every state
Some discounts and programs not available in all states
Nationwide is a good insurance company, but I'm looking for a cheaper place with the same coverage. My premiums increase every 6 months for no apparent reason. I haven't had any accidents, tickets, DUIs, or anything else. I used to wonder why a policy went to 6 months instead of 12, but I finally figured it out. They can raise your coverage twice in a year, which seems very unfair. I'm retired.
Nationwide is a good insurance company, but I'm looking for a cheaper place with the same coverage. My premiums increase every 6 months for no apparent reason. I haven't had any accidents, tickets, DUIs, or anything else. I used to wonder why a policy went to 6 months instead of 12, but I finally figured it out. They can raise your coverage twice in a year, which seems very unfair. I'm retired.
Antoinette - April 8, 2024
Verified
Nationwide is not on your side
My rate doubled for no apparent reason. I have no tickets and no accidents.
A major insurer operating since 1926, Nationwide offers several different lines of insurance, including auto, homeowners, and renters. The company earned a customer satisfaction score of 868 out of 1,000 in the J.D. Power 2022 U.S. Auto Claims Satisfaction Study and an A+ (Superior) financial strength rating from A.M. Best.[2]
Nationwide customers can qualify for savings through usage-based programs and a variety of discounts — including multi-policy, defensive driver, and safe driver discounts.
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.
3.3
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A+
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$84/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$231/mo
Dairyland began as a regional company in Wisconsin in 1953, selling car insurance to drivers who couldn’t get standard coverage. Acquired by Sentry in 1966, Dairyland now sells auto, motorcycle, and off-road insurance nationwide, and still caters to non-standard drivers. The company also sells renters, RV, and life insurance, and car insurance in Mexico. Although Dairyland has many positive customer comments on review websites, it has a slightly higher-than-average number of complaints in the National Association of Insurance Commissioners Customer Complaint Index. A.M. Best, however, gives the company an A+ rating for financial stability and credit.
Pros
Many positive customer reviews
Provides coverage to drivers who may not be able to get it elsewhere
Consider going somewhere other than Dairyland. Their demands for insurance coverage are outrageous.
Melvin - April 11, 2024
Verified
Expensive Rates!
I'm not a policy holder, but my partner/spouse is a policy holder with Dairyland. I think the way they handle their financial end of things, particularly with monthly billing, could be improved. They don't seem to be very savvy in helping their customers save money on their policies. I know there are other car insurance companies out there that offer much lower monthly rates. Additionally, this company doesn't seem to comply very well with reporting to the DMV, as we keep receiving letters threatening to suspend our driver's license if we don't pay the premiums. However, we have been paying, as reflected in our bank statements. I believe Dairyland needs to listen more to their customers' needs and be clearer in their policy motives.
In business since 1953, Dairyland insures cars, motorcycles, and off-road vehicles. The company earned an A+ (Superior) rating from A.M. Best and an A+ rating from the Better Business Bureau.
The company sells nonstandard insurance and offers discounts for insuring multiple cars, having homeowners insurance, getting a quote ahead of time, paying more frequently than required, and more.
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.
3.9
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
819
Liability Only
Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.
$81/mo
Full Coverage
Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.
$143/mo
Although its founding in 1937 makes Progressive comparatively young, it is among the largest car insurers in the U.S. The company offers car, home, renters, commercial, and other types of insurance. Progressive customers can enjoy savings by bundling their car insurance with another type of Progressive policy – typically homeowners or renters. Available discounts range from multi-policy and multi-car discounts, to the Snapshot save driver discount. Progressive has an A.M. Best rating of A+ for financial stability. However, the company has a slightly higher-than-expected number of complaints in the National Association of Insurance Commissioner’s Consumer Complaints Index.
Pros
Rewards for good drivers
Numerous coverage options and discounts available
Cons
Higher-than-expected amount of complaints
Ranked 11 out of 15 companies in the J.D. Power Customer Satisfaction Index Ranking
This is a very good insurance company; they don't try to rob you.
Angie - April 22, 2024
Verified
Expensive
It's getting more expensive every time.
…
Progressive was founded in 1937 and offers a wide range of insurance products, including policies for cars, motorcycles, boats, snowmobiles, golf carts, and other vehicles. A.M. Best gave Progressive an A+ (Superior) financial strength rating. And Progressive received a lower-than-average number of customer complaints on the NAIC complaint index.
Progressive provides several ways for drivers to save on premiums, including discounts for bundling policies, owning your home, getting a quote online, going paperless, and paying the full premium up front.
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 Services’ database of auto insurance rates. With this information, Insurify is able to offer drivers insight into how companies price their car insurance premiums.
$500 deductible vs. $1,000 deductible: Which is better?
You should consider selecting a $1,000 deductible rather than a $500 deductible if you have a sufficient amount of money set aside in an emergency fund. Choosing the higher deductible saves you money on car insurance premiums, but you’ll have to pay up to $1,000 if you experienced a covered loss or damages.
“I always recommend the highest that you are willing to pay [for your deductible], because it does help get the premium down a little bit,” says Coughlin. If an unexpected $1,000 bill would cause financial hardship for you, then you should start with a $500 deductible, even though you’ll pay slightly higher premiums.
With a $500 deductible, you won’t have to pay more than $500 before your insurance coverage kicks in after you file a claim.
Find Car Insurance with a $500 Deductible
Secure. Free. Easy-to-use.
Based on 3,806+ reviews
4.8/5
Other ways to lower car insurance costs
You have other ways to lower your premium besides increasing your deductible. If you prefer a low deductible or have already chosen the highest deductible you can afford, you can try the following strategies to keep your car insurance costs low:
Take a defensive driving course. A defensive driving course can help you improve your skills behind the wheel, and courses usually cost less than $100. Successfully completing a course can earn you a discount of as much as 10% off your premiums, depending on your insurer.
Avoid unnecessary claims. Filing lots of claims can lead to higher premiums down the line, so you may want to pay out of pocket for minor dings or scratches. “Even if it’s not really your fault or it’s a little amount that the company’s paying out, it’s always something that the company keeps an eye on,” Coughlin says.
Improve your credit score. Many insurance companies consider your credit history when they set your premium. Paying down credit balances, paying bills on time, and monitoring your credit report for errors might help raise your score and lower your insurance costs.
Compare prices. The first insurer you approach won’t always offer the most affordable option. You may find a better rate if you get quotes from at least three different insurers.[3]
$500 car insurance deductible FAQs
You have lots of things to think about when choosing an auto policy. Consider speaking to an insurance agent if you have questions about specific policies from a certain car insurance company. Otherwise, find answers to help you navigate the process below.
If you have a $500 deductible, can you change it to a different amount?
You can change your deductible by calling your agent or insurance company and asking for a new deductible. If you raise your deductible in the middle of your policy term, you should get part of your premium back in a refund or credit for the amount of time left in the term.
Is it better to have a lower car insurance deductible?
A lower car insurance deductible may sometimes work better than a higher one, but it depends on what you can afford. A higher deductible results in lower premiums, but you need to have access to out-of-pocket funds in the event of an accident. You should get a deductible that you can comfortably pay out of pocket.
Can you get car insurance with no deductible?
You may find car insurance with no deductible, but it usually only applies for policies that don’t protect you in case of property damage. If you lease or finance your car, your lender will typically require you to buy additional coverage that has a deductible.
How often can you change your car insurance deductible?
Companies typically don’t dictate a specific limit for how often you can change your deductible, but they may not want you to make frequent changes because adjusting it requires insurers to do some extra paperwork.
If you try to raise or lower your deductible many times within a policy term, the insurer might question why you need to change it again.
Which company has the cheapest full-coverage $500 deductible?
Sarah Brodsky is a freelance writer with 15 years of experience covering personal finance and economics. She enjoys delving into the details of insurance, credit, loans, and the labor market. She’s written for publications including Bankrate, CNET, and Investopedia, and she’s created content for brands like Credit Karma, KeyBank, and Thrivent. When she’s not writing, you might find her learning languages or baking pizza. She has an AB in economics from the University of Chicago, and she lives in St. Louis, MO. Connect with her on LinkedIn.
Edited byKatie PowersAuto and Life Insurance Editor
Katie PowersAuto and Life Insurance Editor
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
)
)
){kind=logo}
){kind=small}
){kind=small}
)
)
){kind=small}
){kind=small}
Nationwide
Dairyland
Progressive)
)
)
)
)
)
)