OPTIONAL COLLISION DEDUCTIBLE BUYBACK COVERAGE
I keep seeing these auto insurance commercials where if I have no claims the company will send a $100 check to me. This sounds too good to be true, is it!?
Many people have asked me about this and YES it is true – some auto insurance companies will refund a $100 check or money back to the customer if they don’t have any claims. Other companies will even remove $100 on the client’s collision deductible if they have no losses for one year; for two years, it’s $200, for three years loss free it’s $300, etc.
Yet, here’s the catch. Virtually all insurance companies that offer this type of rebate charge for it. It’s actually an endorsement that you can buy from the insurance company. So it’s not free. Yes, you will get money back (if you have no losses), but you may actually end up spending more money in the first place for buying the endorsement.
So don’t be mislead. Speak to your agent if you have any questions on this and find out if it makes sense for you.
For more great tips visit us at www.tedmusinsurance.com or call us at (800) 903 5752.
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