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Shelly Rogers
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Shelly Rogers   My Press Releases

Nevada Insurance Enrollment Explains Saving Money with a Glass Buyback Deductible

Published on 4/16/2019
For additional information  Click Here

Post - What Is An Auto Insurance Glass Buyback Deductible?

 

What Is A Glass Buyback Deductible And How Can It Save You Money?

 

Buyback deductibles are beneficial to both Nevada drivers and their auto insurance providers. Adding a glass buyback deductible provision to an auto insurance policy may yield cost savings without the risks generally associated with a high deductible.

Selecting a high deductible is one way that Nevada drivers keep their auto insurance affordable. However, in the event of a covered loss that comes in only slightly higher than the deductible, auto insurance coverage becomes virtually useless. To keep rates low for policyholders, some auto insurance companies use buyback deductibles.

A buyback deductible is a provision that allows a policyholder to pay a smaller deductible when they file a claim that surpasses their original deductible.

For example, if a policyholder has a $500 deductible and they file a claim for $800 of damage, their auto insurance company would generally only pay $300 toward the cost of repairs. However, if the policyholder has a buyback deductible, they would pay a smaller deductible, and their insurer would cover the rest of the repair costs.

Deductibles are used as a measure to control the number of claims filed by policyholders. The higher an individual's deductible is, the less likely they are to file a claim on minor damage. This makes them less risky for an auto insurance company to insure. For this reason, high deductibles and low premiums tend to go hand-in-hand.

The drawback of a high deductible, however, is that if a driver files a claim for damages that are only slightly higher than their deductible, their insurance is virtually useless.

For example, if a driver has a $1,000 deductible and they are in an accident that results in $1,200 of damage, they would likely file an auto insurance claim. The insurer will only cover $200 of damage, and the driver covers the rest.

If the driver has a buyback deductible provision in their auto insurance policy, however, they may pay a modest $300 deductible and their auto insurance company would cover the remaining $900.

A glass buyback deductible is optional coverage that can be added to some auto insurance policies. This coverage reduces the deductible specifically for glass damage to a vehicle's windshield.

Generally speaking, glass coverage is a part of a comprehensive auto insurance policy. If a vehicle was vandalized and the windshield was shattered, the driver would file a claim under their comprehensive coverage and pay their deductible. If they had a $750 deductible and the cost of replacing the windshield was $800, then they would be paying for the bulk of the replacement cost out of pocket.

A buyback deductible is advantageous to both the driver and their auto insurance provider. The driver benefits because they may file a claim without paying a very high premium. The auto insurance provider benefits because a driver's high deductible still prevents them from filing claims for minor damage, resulting in generally lower premiums. A Nevada Insurance Enrollment auto insurance agent can provide more information on this auto insurance option.

 

Learn more: https://www.nevadainsuranceenrollment.com/auto-insurance-las-vegas-nevada/

 

About Nevada Insurance Enrollment:

Nevada Insurance Enrollment offers the best insurance plans at the lowest price possible.  They are a local Las Vegas, family owned insurance agency that works hard to fit you into the smartest, most affordable insurance that meets your needs.

They care about you, they work for you, they're experienced and they're local.  They are the insurance experts, let them guide you.  Talk with a friendly, knowledgeable, licensed insurance agent.  No agent fee and no charge for their service.  They don’t just sell insurance, they actually care.

 

Auto | Home | Health | Life | Medicare | Funeral/Cremation | Group Health | Short Term | Dental & Vision | Travel Insurance

 

Nevada Insurance Enrollment

4260 W. Craig Road suite #150-A

North Las Vegas, NV  89032

(702) 898-0554

Website: https://www.nevadainsuranceenrollment.com/

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