If you have a stable financial situation and a good driving record, you’re likely a better candidate for a $1,000 deductible than a $500 deductible. If so, you are less likely to file a claim and can likely cover the higher out-of-pocket expense if necessary. But if you drive frequently, drive in high-risk areas, own a less valuable car or prefer more predictable costs, you should consider a $500 deductible.