Insurance Deductible Calculator
Calculate how different deductible amounts affect your insurance costs. Find the optimal balance between premium savings and out-of-pocket expenses.
Step 1: Insurance Details
Understanding Deductibles
A deductible is the amount you pay out-of-pocket before your insurance coverage begins. Higher deductibles typically mean lower premiums but higher costs when you file a claim.
Step 2: Deductible Options
Choosing Your Deductible
Consider your financial situation and risk tolerance. A higher deductible saves on premiums but requires more cash available if you need to file a claim.
Deductible Analysis Results
Annual Savings with Higher Deductible
Deductible Options Comparison
| Deductible Amount | Annual Premium | Premium Savings | Out-of-Pocket Risk | Net Annual Impact |
|---|
Cost Breakdown Analysis
Deductible Decision Formula
Net Impact = Premium Savings – (Deductible Difference × Claim Probability)
To evaluate deductible options: Calculate premium savings from increasing deductible, then subtract the additional out-of-pocket risk (difference in deductibles multiplied by probability of claiming). A positive result suggests the higher deductible may be beneficial.
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