What Is A Deductible Waiver On A Car Insurance Policy
When shopping for an auto insurance policy, be sure to check whether the car insurance companies you’re investigating offer a feature called a collision deductible waiver. Though it might cost a few dollars more per month in premiums, a deductible waiver provides additional protection against an uninsured motorist damaging your vehicle, and can save you a $500-$1,000 deductible in the event of an accident, especially if you plan to insure more than one car.
If you have a collision deductible waiver on your insurance policy, your insurance carrier will pay for or simply waive the deductible if you are involved in an accident with an uninsured driver and it is not your fault. For instance, let’s say you’re sitting in your car waiting at a red light. A distracted driver talking on a cell phone suddenly slams into the back of your car. Thankfully, no one is injured, so you decide to just wait for the police to file a report.
Afterward, the damage to your car is estimated at $3,000 in repair costs. Your auto insurance company also discovers that the legally at-fault driver had allowed his or her insurance coverage to lapse. You need your car repaired as soon as possible, so you go ahead and file a claim with your auto insurance provider, who would have charged you a $500 deductible and only paid out $2,500. To your relief, you have a collision deductible waiver on your policy, which means you don’t pay the deductible. Simple as that.
Though collision deductible waivers may not be available in some states or are even required in others, this protection will normally be part of your collision coverage. A deductible waiver may even cover hit-and-run accidents, depending on the state in which you bought your insurance policy. However, drivers will need to prove to their car insurance company that the accident was not your fault and that the other motorist was uninsured in order to apply the waiver. If there were no witnesses, the task becomes even more difficult.
Free Auto Insurance Quotes To Lower Your Rates
Drivers want to get the most coverage for the lowest car insurance premium. Whenever they go insurance shopping, many drivers will opt for paying a higher deductible in order to get lower car insurance quotes. They may do this because of a poor driving record or maybe because they’re just looking to save as much money as possible. Whatever the situation may be, you can get the best deal by comparison shopping the most competitive insurance carriers in your area with MyCarInsuranceRates.com.
After entering your zip code and getting free car insurance quotes from the best cheap insurance companies nationwide, ask an agent if there have been a lot of accidents caused by uninsured drivers in your state. If it turns out that you have been paying slightly higher car insurance rates for a collision deductible waiver, we can save you hundreds or thousands of dollars when you compare car insurance quotes. Enter your zip code to begin an online quote and save money on a cheap car insurance policy.
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