What Is A Disappearing Deductible?

What Is A Disappearing Deductible?2021-12-13T18:20:06-05:00

A Simple Rewards Program

With the Disappearing Deductible, you get rewarded with credits every year you do not have a claim.

Most New England drivers have an auto insurance policy that includes either a $500 or $1,000 collision deductible. If you are in a car accident or your vehicle is vandalized, this deductible is the amount of money you would have to pay out of pocket before your insurance coverage kicks in to help you with any necessary repairs. However, if you add the Disappearing Deductible rewards program to your policy, your contribution could be significantly less, and possibly even zero dollars.

What are the reasons you might want to get the Disappearing Deductible endorsement?

Annual Deductible Decreases

How can you decrease your collision deductible year after year?

By signing up for the Disappearing Deductible program, you become eligible for monetary credits from your insurance carrier for keeping a clean driving record. If you earn a credit, this should be applied at annual renewal time to your collision deductible. Depending on your specific carrier, you may earn a credit of $50, $100, or more. Some carriers might even give you a credit just for signing up for the program. A Fred C. Church professional will help you identify the most beneficial program from the top carriers that we work with.

Less Out-Of-Pocket Costs

How can having Disappearing Deductible credits save you money when you get in a car accident?

Pretty much everything about getting into a car accident is dreadful. Even if nobody is injured and your car only has minor damage, the impact on your life can be significant. Plus, dealing with the aftermath can take up a lot of your time, energy, and money. By having the Disappearing Deductible rewards program added to your policy, though, you should have some peace of mind that the impact on your wallet might not be so bad. In fact, if you’ve kept your driving record clean for several years, and thus accumulated enough rewards to equal your deductible amount, then depending on your insurance carrier’s specific program details, your contribution to the repair costs for your vehicle could be zero dollars.

It is important to know that once you use your Disappearing Deductible credits, your carrier is likely to take away some or all of the rewards you have built up. This means you may have to start chipping away at your deductible amount from scratch again.

Talk to an insurance professional about additional auto endorsements.

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Credits For All Vehicles

Are there any credit and vehicle limits to this program?

Across the insurance companies we work with, there is some variation when it comes to program limits. Typically, insurers will cap how many Disappearing Deductible rewards you can accumulate. While the majority allow you to build to $500 in credits, there are a few carriers that will allow you to amass as many as $1,000 in credits. In order to gain access to these programs, though, you generally have to purchase your insurance provider’s gold or platinum-level package. The good news is that these packages typically come loaded with other smart endorsements, such as Accident Forgiveness and Loan/Lease Gap. In addition, some carriers will extend your Disappearing Deductible program across all vehicles on your policy, rather than charging extra for more vehicles.

Do you want to take advantage of the Disappearing Deductible program?

Most carriers will require you to have a clean driving record for at least a year, which means no accidents and no traffic violations during that time period. However, even if you or another driver in your household has had a crash in the past year, we may still be able to find a very reputable carrier who will qualify you for this endorsement. Please contact a Fred C. Church professional today to find out more about this potentially money-saving endorsement. If it is a good fit for you, then it is easy for us to add a Disappearing Deductible to your policy today and hopefully help reduce the unpleasant consequences of a car accident in the future.

Regardless of whether you decide to take advantage of the Disappearing Deductible Rewards Program or not, we want you to know that the team at Fred C. Church is going to be here to help you navigate the claims and recovery process should you ever have an accident. You can lean on us to help with everything from filing the proper forms with your insurer to making sure that your claim is being handled as fairly and quickly as you would like.

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