Sometimes, spending a little more on car insurance can save you a lot of money. That is why when looking at car insurance quotes you should ask if your carrier offers a collision deductible waiver, which gives you added protection if an uninsured motorist damages your vehicle. If your deductible is $500-$1,000, a collision deductible waiver can save you a lot of money, especially if you have more than one vehicle on your policy.
For example, one day you are driving along a main road and stop at a red light. To your surprise, the driver behind you, distracted by talking on his cell phone, fails to stop, and slams into your vehicle from the rear, causing $3,000 in damage to your car, which is not difficult to do considering the high cost of vehicle repairs today. No one is seriously injured. So you wait for the police to arrive and make a report.
Later, your insurance company determines the other driver, the one who authorities determined to be at fault, allowed his insurance coverage to lapse and was not covered at the time of the accident. Your car is not a total loss. However, in order to have your car repaired as quickly as possible, you file a claim with your insurance company, which normally would charge you the $500 deductible that your policy requires. But because you bought the collision deductible waiver, for a few dollars more per month, your insurance company pays for or waives your deductible.
Collision deductible waivers are not available in all states and in some states they may be required. They are normally a part of your collision coverage and the waiver applies only if the motorist who hit you is uninsured. Depending on the state in which you live, the waiver might also cover hit and run accidents as well. But for the waiver to take effect, your insurance company will have to prove legally that the party at fault was not insured at the time of the accident, which could be very difficult in the case of a hit-and-run accident, especially without witnesses.
When searching for car insurance quotes, most people want the most coverage for the least money. Therefore, some drivers choose a high deductible in order to pay a lower monthly premium. Perhaps they have a less-than-perfect driving record or perhaps they just need to save as much as they can in these tough economic times. Nevertheless, it is a good idea to ask your agent if there are a high number of accidents involving uninsured drivers in your state. In that case, having a collision deductible waiver is well worth the extra cost to your premium.