Finance Tools
Auto Insurance Coverage Cost Comparison Calculator
Compare two auto insurance coverage options by estimating annual premiums, expected out-of-pocket costs, and total expected annual cost.
How to use this auto insurance coverage cost comparison calculator
- Enter annual premium and deductible for Plan A and Plan B.
- Estimate your annual claim probability and expected claim amount (repair cost).
- Choose which coverages apply (collision/comprehensive) and whether deductible applies.
- Calculate expected annual cost for each plan and compare.
Example
Plan A premium $1,200/year with $500 deductible vs Plan B premium $1,500/year with $250 deductible. If claim probability is 10% and expected claim amount is $2,000:
- Expected deductible cost (A) = 0.10 × $500 = $50
- Expected deductible cost (B) = 0.10 × $250 = $25
- Total expected cost = premium + expected deductible cost
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