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Picking the Right Deductible for You

When chooisng a deductible you have to look at your financial situation.  Ask yourself…’If something happened to my boat tomorrow, what cost would I be comfortable absorbing’? If you answer $500, then maybe the lowest available deductible is good for you. If you are comfortable managing a larger amount, say $3000 then maybe the highest deductible is right for you.  What you are deciding is the point at which you would put in a claim.  If you wouldn’t put a claim in for less than $2000 than this is your target deductible.

Deductibles are a great way to manage costs because generally the higher the dedutible the lower the premium. However, don’t choose a high deductible just to get the lower premium. Insurance is designed to eliminate financial hardship from a loss and a deductible that is too high can cause you the hardship you’ve been paying a premium to avoid.

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Northstar Marine Insurance Inc.
270-92 Caplan Ave, Barrie, ON, L4N 9J2
Phone 1-866-717-9295, Fax 1-866-354-7337