Car Insurance Guide 2020: What Are Vanishing Deductibles

LOS ANGELES (PRWEB) February 03, 2020

Many drivers have heard of the vanishing deductibles programs. All it takes to see a vanishing deductibles ad on television is to do a little channel flipping. The concept for vanishing deductibles sounds great, but drivers need to take a closer look and find out if the vanishing deductible can be a great deal for them.

According to the International Risk Management Institute Inc. (IRMI), a vanishing deductible is "a formula deductible that decreases as the number of loss increases and disappears entirely to provide full coverage when the loss reaches a specified amount". Drivers that manage to go a year without being involved in an accident will have their deductibles decreased with $50-$100.

Most insurance companies will allow their drivers to obtain a vanishing deductibles option that starts with a $100 deductible credit. This credit can apply for both collision and comprehensive coverage.

Policyholders can accumulate $100 of additional credit worth, for every year they remain accident-free. This insurance credit can be accumulated to a maximum of $500 and will be automatically used when the driver makes a claim. Policyholders can't choose when to use this credit and it's not bankable. As long as this option is active, the vanishing deductible credit will never go below $100.

The cost of vanishing deductibles options varies from one insurer to another. But even if it costs only $5/ month, drivers should think twice before obtaining this option. Drivers can choose to purchase this feature, or to save their money in an emergency fund where they can use the money for all sorts of things, not only claims.

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