Maintaining a current car insurance policy is the legal responsibility of all motorists. However, there may come a time when you are involved in an accident with an uninsured driver. In that instance, a collision deductible waiver can save you a lot of money. The waiver protects you from paying an expensive deductible when you are involved in an accident with an uninsured motorist. While it can be an extremely important aspect of your car insurance policy, there are certain requirements for the waiver to be utilized that you should be familiar with.
A collision deductible waiver is typically sold along with your collision insurance package. If you are involved in a car accident with an uninsured motorist and it is legally determined the uninsured motorist is at fault, the collision deductible waiver will cover the cost of your deductible. The waiver can also cover your deductible if you are determined to be the victim of a hit-and-run accident. The waiver will not, however, cover your deductible if you are determined to be responsible for the accident.
Depending on the state in which you are buying the auto insurance, you may be legally required to have a collision deductible waiver, or another form of uninsured motorist coverage. In other states, the waiver can be added on to your existing insurance policy. With typical collision deductibles ranging from $500 to $1000, a waiver can turn out to be a huge money saver. All collision deductible waivers will cover the cost of your deductible if the accident meets the requirements. In some instances, the waiver will even cover the cost of repair to your vehicle. The terms of this coverage can vary depending on your car insurance company so it is important to know what the requirements of your policy are, as well as what coverage the collision deductible waiver provides.
Because the uninsured motorist must be found legally responsible for the accident for the waiver to take effect, you are often times required to identify the driver. This can be especially difficult in certain hit-and-run situations. In addition, the waiver may require that the damage caused to your vehicle is a result of direct contact between you and the uninsured motorist. This issue can arise in a situation where another motorist's actions cause you to damage your vehicle but there is no direct contact. One example of this situation is when a vehicle drifts into your lane causing you to swerve into another vehicle or object but the drifting vehicle does not come into contact with your own.
Obtaining a collision deductible waiver may be something you wish to discuss with your car insurance agent. It may save you money in the end.
