Managing your deductible amount is one way to control your auto insurance costs. A deductible is simply the amount of money you have to pay for any repairs due to an accident before your insurance company takes over. So, for example, if you have $10,000 worth of damage and a $1,000 deductible, you we ill pay the $1,000 to the insurance company and then they will pick up the other $9,0000 to cover the repairs.
Having a higher deductible reduces your monthly premium amount and many people use this to keep monthly costs down. But, if you have an accident and have to pay the deductible, it may be hard to afford the amount. When purchasing auto insurance, you have to weigh what you can afford monthly with the potential of having to pay your deductible in full should you have an accident.
Situations in Which Your Deductible Might Be Waived
There are, however, times when your deductible can be waived. Here are a few situations in which you are covered, and you don’t have to pay your deductible.
- When it comes to repairs, windshield repairs are just about the only type that allow a deductible waiver. But it’s not automatic. When you are choosing your comprehensive insurance coverage, be sure you choose an option that has non-deductible windshield repair coverage.
- The most common example of a situation in which your deductible is waived is when the other party is found to be at fault for the accident. In this case, the other insurance company covers all of your damages.
You Have Uninsured Motorist Protection
- If you are in an accident with an uninsured motorist and they are at fault, you may have trouble recovering any money for repairs to your own vehicle or personal injury expenses. You would then have to pay your deductible to have your own insurance kick in for your damages.
- One way to protect yourself against this is to purchase uninsured motorist protection. There are separate coverages for uninsured motorist property damage and for bodily injury. This will cover you up to a certain amount and you can avoid your deductible.
You Have a Collision Deductible Waiver
- Another way to have your deductible waived is to purchase a collision deductible waiver. If you are involved in an accident with an uninsured motorist, you can use your own collision coverage to pay for repairs, but you will have to pay your deductible unless you buy the waiver. Known as a CDW, it can be purchased in place of uninsured motorist protection.
The bottom line is that you have options when it comes to having your deductible waived. To compare quotes for a collision deductible waiver or uninsured motorist protection, use the InsuranceWins online quote form. You’ll receive quotes from major carriers so you can find the best coverage at the best rate for your situation.