Collision Deductible Waivers
If you've ever had your fender bender, you may know what a collision deductible waiver is, especially if you've been in an accident where the other driver does not have automobile insurance. A car insurance deductible waiver is a special clause that is added to your car insurance, covering you in the event of an accident with an uninsured driver.
Having one of these can save you from having to pay the costs of fixing your vehicle, and can make the difference between having the money to pay for repairs or having to write off your car as a loss in some instances. If you are involved in an accident with someone who is insured and the accident is their fault, you will typically not need this kind of waiver, but again, if the driver has no insurance, it could really come in handy.
Not all insurance companies require you to have a car insurance deductible waiver - that is, a portion of the total repair amount - when your car is damaged, but most do. This usually can run you anywhere from $500 to $1,000. If you are involved in an accident that is totally the other person's fault, you would still be required to pay the deductible, even if you have collision insurance.
Many drivers are caught unaware when they are hit by an uninsured or underinsured motorist and end up having to pay the deductible for the damages to their own car. If drivers who are insured do not have enough insurance to cover all the damages to your car, they are considered underinsured and again, this situation could cause you to have to pay your own deductible.
However, if you have a collision deductible waiver as part of your insurance, you will avoid having to pay whatever the deductible amount is for repairs to your vehicle. This could save you a lot of money.
Often there is confusion when people mistakenly think that their uninsured/underinsured driver coverage is sufficient to pay for their collision deductible. But this is not the same thing as having the collision waiver. This type of coverage pays only for damage to property or bodily injury claims, it does not pay for any type of collision.
The nice thing about collision deductible waivers is that they can be added to your automobile insurance policy for a relatively low price. With the price of cars becoming more and more expensive, it is a good thing to add on to your policy and won't cost you too much money and could save you quite a bit of money if you are ever involved in an accident.