How does the auto insurance deductible buyback work?
Did you know that it is possible to take out auto insurance without a deductible? This is the case with some auto insurers. Of course, certain conditions must be met. As a general rule, a waiver of the deductible is possible in the context of auto insurance for a vintage car. Of course, you will have to pay higher contribution amounts in return.
For “classic” auto insurance, you can negotiate a waiver of the deductible. Note, however, that this implies a large increase in the monthly premiums payable.
This practice of removing the deductible is synonymous with car insurance deductible buyback. In addition to auto insurance for a classic car, this is typical for short-term car rental. Indeed, tenants prefer to be exempt from additional expenses.
Complementary auto insurance contracts often include the deductible buy-back, in addition to protection against theft and breakdown.
Auto insurance deductibles for certain types of drivers
Certain driver profiles may pay higher deductibles than the majority of other motorists. This is particularly the case for young drivers who may request an increase in their deductibles in order to pay lower contribution amounts. Inexperienced drivers are frowned upon by insurers who do not hesitate to increase the cost of premiums.
Likewise, drivers who have had one of numerous claims, drivers who have been disqualified, terminated or even motorists who have lost a significant number of points on their driving license will see their deductibles increase considerably.
The objective of auto insurers with this increase in the deductible for certain driver profiles is to empower them and dissuade them from making responsible claims.
Synthesis
Type of deductible Calculation method
Absolute deductible (most common) The excess amount is deducted from the compensation paid by your insurer.
Simple or relative deductible - If the damage is less than the amount of the deductible, the insurer will reimburse you nothing;
- If the damage is greater than the amount of the deductible, the insurer will reimburse all of the costs of the claim, without deducting the deductible.
Proportional deductible The deductible corresponds to a percentage of the
amount of damages listed in the contract, with a minimum and a maximum.
Deductible in days The deductible is the number of days beyond which the guarantee operates.
Mileage allowance The guarantee only works beyond a certain number of kilometers from the usual parking of the vehicle.
Deductibles per claim
Some claims provide for it, others do not. Here again, the regulations do not impose anything: insurers set them freely, except for natural disaster coverage, the deductible of which is set by a ministerial decree.
Guarantee Excess to be checked in the insurance contract
Civil liability In the event of a responsible accident.
Collision damage In the event of a responsible accident.
Driver damage Two possible types of deductible:
- Deductible in days;
- Deductible in percentage.
Damage all accidents Deductible depending on the case (young
driver…).
Theft (vehicle, contents, etc.) Deductibles vary according to the type of offense.
Natural disaster Deductible of 380 € set by ministerial decree.
Glass breakage - Repair: generally no deductible;
- Replacement: often a deductible.
Forces of nature, storm, fire, vandalism, terrorism Generally no deductible.
Legal protection Defines a minimum threshold for the amount of the dispute
below which the insurance does not intervene.
Assistance Mileage allowance in the event of a breakdown (but not in the event of an accident).
If you are a young driver, be aware that some contracts double or triple the deductible, in exchange for more extensive coverage (eg all risks). This can be interesting if the vehicle is new and luxurious. An option to study.
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