Nevada Insurance Enrollment Explains Saving Money with an Auto Insurance Glass Buyback Deductible

LAS VEGAS - April 16, 2019 - PRLog -- 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-...

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