Insurance companies, like Progressive Insurance, are offering a Deductible Savings Bank. Customers can purchase the Deductible Savings Bank feature on their auto policy. During the policy period, if there are no new violations or any accidents, customers will earn a $50 Deductible Savings Bank benefit for a six-month policy, or $100 benefit for a yearlong policy.
There is no limit to the benefits that can be accumulated in the savings bank. The built up savings bank will be used to offset any applicable deductible for comprehensive or collision claims on the same policy. Any balance that remains in the savings bank following a covered claim will be available for future use.
The savings bank helps offset your deductible amount. The amount of savings an insured can receive is not limited to your deductible amount, and any remainder will be available for any future claims. If the policy is cancelled, expires or is not renewed, the Deductible Savings Bank is eliminated.
The Deductible Savings Bank is a great feature to have with your auto policy, and can help save you money in the long run. If you are wondering if this benefit is right for you, stop by our offices in Edina or give us a call, we would be more than happy to help you.