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Article 1 of 1 in Deductables |
Paying deductibles when making a claim |
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The unfortunate truth is that payment of deductibles is almost always required before making a claim. Deductibles are what you pay before your insurance policy kicks in and are part of your insurance contract. They are universal to most insurance contracts and payments are expected when making a claim to your insurer. The amount of your deductible may greatly affect your rates. The higher the deductible, the lower your rates may be. Consider your driving record, your financial ability to pay, where you live (city drivers tend to be in more accidents), and your aversion to risk before deciding on how much of a deductible you’re comfortable with.
Good news. The good news is that several insurers now offer programs to significantly decrease your deductibles in exchange for your good driving record. MetLife offers a program called Deductible Savings Benefit which allows you to build a $50 benefit for each year of loss-free driving up to $250. Allstate offers an even better deal for good drivers -- $100 off of your collision coverage deductible when you sign up and an additional $100 off for each year of safe driving up to $500. Consumers should keep an eye out for other insurers to follow suit with these types of programs.
For more help on how auto insurance rates are determined, go to the Free Advice Auto Insurance. For information about insurance law, check out the Free Advice Insurance Law FAQs. |
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