FAQs on Voluntary Deductible
What is the main advantage of voluntary deductible?
The primary advantage of voluntary deductible is the discount on premium.
Is no-claim bonus the same as voluntary deductible?
No, no-claim bonus is a reward for not filing any claims in a given year.
Is Copay the same as voluntary deductible?
No, co-pay is the division of total claim amount between insurer and policyholder.
What is the downside of voluntary deductible?
The downside of voluntary deductible is the insured having to bear the majority of repair costs, thus defeating the main purpose of buying car insurance.
What if I am unable to pay a voluntary deductible during claim settlement?
You should opt for a deductible only when you are positive that you can pay the sum as and when the need arises. Since the deductible can bring about a major cut in the your total premium price, you cannot refuse to pay the deductible once a claim is approved.
When should voluntary deductibles be avoided?
Voluntary deductibles should be avoided at all costs if you are sure you cannot readily produce the amount at the time of claims.
Who should opt for a voluntary deductible in car insurance?
If you are sure that you are a responsible driver, opting for a voluntary deductible can be very beneficial. Since you are a safe driver already, you can rest assured knowing that you may not need to pay any deductible if there is no need to file a claim in the first place.
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