- What is a diminishing deductible?
- How does a diminishing deductible work?
- Is a diminishing deductible right for me?
Diminishing deductibles are optional additions to auto insurance policies in Salt Lake City. They work by rewarding safe drivers by reducing their deductible for comprehensive and collision claims with each year of safe driving.
Your vanashing deductible policy could mean, for example, that for each year of safe driving without an accident or claim, you reduce your deductible by $100, to a maximum of $500. So, if three years into your policy you have an accident, your deductible will be $300 less than when your policy started. For deductibles that are $500 to begin with, you could end up with a vanished deductible after five accident-free years.
How to decide the best diminishing deductible auto insurance for Salt Lake CityWhen you’re deciding if a diminishing deductible is right for you, it’s important to consider if you could afford your deductible if you had to make a claim today. If paying your deductible would empty your savings, a diminishing deductible is probably a good choice for you.
What are the advantages of having a vanishing deductible policy?There are pros and cons to having a diminishing deductible. Each month, your policy will cost slightly more than policies without a diminishing deductible. In Salt Lake City, most diminishing deductible policies begin by adding a $100 credit on your deductible. If the time comes that you need to make a claim, your diminishing or vanished deductible will save you more than the additional money you spend on your policy each month.
The knowledgeable agents at Salt Lake City Insurance will help you decide if an auto insurance policy with a diminishing deductible is right for you and make sure you get the policy you need that fits your budget.