A few weeks back we stopped at Hoggie Doggies in Minocqua for Ice Cream. Well I must have been too excited, so when I parked I actually ran into a boulder. Well this boulder jarred my entire front bumper loose.
So this morning I had some time and stopped by Stewart Ave Collison in Wausau. Chris Gardipee the owner came out and took a look at the damage. He didn’t believe the ice cream story but Allison my wife can vouch for me, I’m and idiot.
Chris took a bunch of pictures and within 5 minutes we were inside discussing numbers. I told Chris that I had a $1000 deductible so I would be paying cash for whatever the cost was.
At this point Chris stopped me and asked. “Why in the world do you have a $1,000 deductible?” “Do you know where you live, we have deer here.”
Chris went into the difference between collision and comprehensive for insurance. This was all stuff that I knew, but I haven’t crashed my car ever, ok maybe I’ve crashed it a few times, but this time was the worst. So I let Chris tell me the difference. “Collision is when “you” the driver screw up, hit another car, run into a boulder, basically anything where “you” the driver are at fault. Comprehensive covers all other damage, vandalism, act of God, (tree failing on your car, hail storm, fire), but it also covers deer accidents. “
Chris told me and I verified, getting my deductible reduced from $1,000 to $500 for comprehensive damage, would probably cost me $10 more per month. The actual number is $10.13, but let’s go with $10 for the easy math. So for 1 year it will cost me an additional $120 to have this lowered deductible. If I hit a deer in the next 12 months, this lower deductible will save me $500. It will take 4.5 years for me to get to the point where I no longer see a savings on lowering this deductible.
So Chris asked me. “Do you think maybe it’s possible that you might hit a deer over the next 4.5 years?” I sheepishly shook my head, yes. The facts back this up also, over 1.5 million people have car and deer collisions per year costing almost $4 billion per year in repair costs.
As a money guy I dug deeper, if I don’t have any type of accident over the next 4.5 years, I can expect a 10-20% discount in my car insurance premiums. Well I pay $1200 per year for car insurance now, so a 10% discount, would be $120! (the exact increase in premium for lowering my deductible.) So over the next 4.5 years, if I have a deer accident, I will save $500, but if I don’t my premiums will fall by $120 per year and I will have the lower deductible as well.
So the way I see it, Chris Gardipee, saved me and my family a bunch of money today, by being helpful and explaining very Simply, why I needed to lower my deductible. I owe you one Chris, actually I guess I owe you 500.