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RV Insurance Specialty Coverage: Diminishing Deductibles aka Disappearing Deductibles

The concept of your deductible decreasing each year you are claim free is not new to the RV Insurance specialty product lines but it is definitely one of the most used. This coverage varies slightly depending on which carrier you are insured with but in general here is how it works.  

Let's say you select a deductible limit of $1,000 to start.  Every year you don't have a claim your comprehensive and collision deductible will decrease by 25% as demonstrated in the chart below.  Notice with this rate of decline at your 5th year your deductible would be $0.

 Year Deductible % of Decrease
 1  $ 1,000  25%
 2 $ 750  25%
 3 $ 500   25% 
 4 $ 250   25%
 5 $ 0   

Keep in mind the program you select will have an impact on the type of diminishing schedule available to elect.  For instance, did you know there are programs that will allow you to reach a $0 deductible at year three instead of year five?  In this program the diminishing rate looks like this:

Year Deductible % of Decrease
1 $ 1,000 50%
2 $ 500 50%
3 $ 0


 

Would you pay $400 to save $1,000

RV Diminishing Deductible coverage often costs less than $100 per year. It's easy to see in the event of a claim how the savings add up.  Factor in the separation available from some carriers allowing Comprehensive claims to work independent of Collision claims and you double your savings in the event of a loss.

Top 5 things to ask your agent:

  1. Do you offer diminishing deductibles?

  2. What are the rates of decrease available?

  3. Do glass claims count against my comprehensive diminishing rate?

  4. Do my Comprehensive and Collision deductibles work independantly of each other?

  5. If I am towing my car, will I pay one or two deductibles if they are both damaged?


While we hope for the best we are here to make sure you are prepared for the worst.  From theft to blowouts to wind storms and "Ooops, I forgot to unhook" we have you covered.  Our partnerships with the industry's leading specialty RV underwriters allow us to offer these and many more exclusive programs to ensure you have the coverage you need when it counts.  For more information or to add RV Diminishing Deductible Coverage to your policy call us today toll free 800-507-8467.

Tiffanie Novosel
220 Licensed
Nationwide RV Specialist

*Image source:  Nationwide Insurance

 


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