Deductible options are used in both auto and home insurance. Many insurance companies have set deductible options.
When choosing your collision and comprehensive deductible your insurance broker should advise what options are available. For example: $1000, $500, $250 and $100. The higher the deductible the lower the premium. Depending on the overall rating, increasing or decreasing the deductible may not change the premium by a large spread. In other cases it can alter the premium enough to make a difference.
The same applies to home insurance.
Due to rising claims, some companies have set minimum deductibles for collision, comprehensive and home insurance.
Picking your deductible should be based not only on how it effects the cost of your policy but also what you can afford if you were to have a claim. If you want a $1000 collison deductible in order to bring down your annual premium, you need to be able to pay $1000 out of pocket if you were to have an at fault collision claim.
Check with your broker to see if your company has a shrinking deductible. This allows your policy's deductible to be decreased for every year you are claims free.
If ever in doubt, ask your broker!