WHAT YOU DON’T KNOW ABOUT CAR INSURANCE DEDUCTIBLES CAN COST YOU

 The basics

Deductibles apply to covered comprehensive (sometimes called “Other than collision”) and collision claims on your auto insurance.  Your deductible does not apply to your liability coverages.  So, if you bump a car in the parking lot, you don’t have to pay your deductible in order to get the other guy’s car fixed.

 To lower your deductible – the higher your premium will be.

The higher your deductible – the lower your premium.

 The savings

According to the Insurance Information Institute, if you up your comprehensive and collision policy deductibles from $200 to $500, you can save from 15% to 30% n these two physical damage coverages.  If you select a $1,000 deductible, you can save 40% or more.  Why spend serious money to buy lower deductibles when you can select higher ones and put the savings towards higher policy limits?  Ask us how much you can save.

 More facts

Did you know that there is a specific instance where your car insurance deductible is waived?  In other words, no deductible is applied after your claim.  Also, even after your deductible is subtracted from some claims, you can get the full amount back, when certain conditions apply.  Plus, some of the auto policies we offer feature “vanishing” deductibles, where the deductible amount is gradually reduced or eliminated.

 Learn more about deductibles and your options for your Auto Insurance.  Contact us . . . We are here to help.   888-464-0637 or 515-964-0637.