Massachusetts Insurance Agents for Vanishing Deductible Programs
You have a great driving record. You have never made an auto insurance claim. Then you damage your car in an accident that leaves you with thousands of dollars in repair bills. Your collision policy has a large deductible to keep the premiums down. Even though you have insurance, you will need to pay a lot to get your car back on the road.
An Independent Agent Can Help Review Disappearing Deductible Programs
Some insurance companies have recognized the injustice of this and offer policies to correct the problem, rewarding customers for being accident-free. These customers may eventually have no deductible at all. Several companies offer this feature, but it is not without cost. To find out which company gives you the best deal at the lowest price, it is important to work with an independent agent who can help you sift through the different companies’ offers to find the right one for you. At our Massachusetts agencies, Gallant Insurance and L. F. Robbins, we will advise you about disappearing deductible programs.
Things to Know About Vanishing Deductibles
There are many disappearing deductible programs from major car insurance companies. Although some refer to their programs as vanishing deductibles, the concept is the same. Here are some of the features you will find in the insurance marketplace:
- Some companies reset the clock after an accident under their disappearing deductible programs. This means that with one accident you lose all the credits you have accumulated while in the program. Others reduce the credits in proportion to your number of accident free years.
- Some insurance companies require drivers to have no moving violations for a certain period (often three years) before eligibility for the vanishing deductible program begins.
- Costs of the programs vary. Some charge more than others do, so it pays to shop.
- Some companies do not care who provided your insurance during the years that you accumulated your good driving record. Others require you to have been a customer for a certain number of years.
- If you have a high deductible plan, you may never reach no-deductible status. Some insurance companies cap the reduction at a certain amount. No matter how many years you go without having an accident, you will never obtain more credits toward the deductible.
- Vanishing deductible programs are frequently bundled with accident forgiveness programs for one fee.
If your record has no accidents, you may wish to look into no-deductible programs. The independent agents at Gallant Insurance can help you determine whether the benefits outweigh the costs and identify the right plan for you.
Call Gallant Insurance for a Free Quote
If you are interested in a vanishing deductible program, contact us at Galant Insurance in Acton or at our partner agency, L. F. Robbins, in Pepperell or Townsend. We look forward to putting our decades of service to work on your insurance needs.