So, we have heard of ‘regular’ deductibles, now what is a Double Deductible in regard to your Auto Insurance policy? First, let’s dive into the basics of full coverage and deductibles to get a better understanding.
Full coverage consists of Comprehensive and Collision coverage. Comprehensive (Other than Collision) will cover things like theft, fire, vandalism, and glass breakage. Collision will cover an impact with another vehicle or object.
Choosing Your Deductibles
A lower deductible will result in a higher car insurance rate, whereas a higher deductible will result in a lower car insurance rate. This means, the more you are responsible for paying out of pocket in the event of a claim, the cheaper Insurance rates you will be offered.
Usually, the standard deductible options are $100, $250, $500, and $10000. Some companies offer a lower glass deductible such as $50, or $100 glass because windshield replacements may not cost as much as your deductible if you have a higher deductible selected.
When do I pay my deductible?
Scenario 1 – If you are found At Fault in an Accident, but there is no damage to your vehicle you will not be subject to a deductible. Your Insurance company will pay out to the other party involved in the accident, up to your liability limits. This means if you carry a liability limit of 50/100/50, your insurance will pay $50,000 per person BI, up to $100,000 per accident, and $50,000 for property damage to their vehicle.
Scenario 2– If you are found At Fault in an Accident, and there is damage to your vehicle, then you need to pay your deductible. If you file a claim after an accident, that falls under Collision. You would pay your Collision deductible to the insurance company before they pay out for either the cost to repair/fix your vehicle, or the cost to replace it if totaled.
In some instances, if the Insurance adjuster decides to total the vehicle, you do not need to come up with the deductible out of pocket, they can subtract that from the payout price of the vehicle. For example, your vehicle is totaled and it is worth $15,000. They may write you a check for $14,000 (if you had a $1000 deductible).
Scenario 3– The other party/person is found At Fault in an accident, their liability limits will pay out for your bodily injury expenses and property damage to your vehicle. You are not subject to a deductible in this scenario because the other person’s Insurance will cover that cost whether or not you carry full coverage on your insurance policy or just liability.
Now, What is a Double Deductible?
In short, a double deductible means you will pay your deductible twice if you are subject to it. If one of the scenarios listed above requires you to pay your deductible, instead of paying $1000 deductible, you would pay $2000 or 2X your deductible.
Why would you want this double deductible? If you consider yourself a safe driver with no accidents or violations, this may be a cheaper option for you. You are saying you will pay 2X your deductible if you are required, which means the Insurance rates will be cheaper in this case.
What is a Double Deductible – In Summary
If you are a safe driver and chances are you will not be found At Fault in an accident, then the other person’s insurance would end up paying your damages anyways, so why not opt for the double deductible if it can save you? This option may not be in the best interest of everyone, so talk with your Insurance provider for greater insight if you are on the fence about this option.
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