You have Disappearing Deductible Credits on your auto policy?!
What does that mean??
Many insurance carriers reward you for clean driving years with disappearing deductible credits. For each clean year, you earn money that will apply toward your collision or comprehensive deductible in the event that you ever need to put in a claim and your deductible applies.
Here’s an example:
You have a $500 Collision Deductible on your auto policy.
You have $250 in disappearing deductible credits.
You are involved in an at-fault accident in which your deductible will apply.
The insurance company will issue you a check for the damage to your vehicle less the amount of your deductible.
Normally, you would receive a check minus your deductible amount of $500.
However, with your credits, instead of them withholding $500, they will only withhold $250 because of your credits!
Every carrier can be different in the amount that they give you for each clean driving year and the maximum that they allow you to accrue.
More questions on this? Call or Text us 781-826-5161. Our insurance advisors can help you understand your benefits.