I'm renewing my car insurance soon and the agent mentioned this "vanishing deductible" thing. Basically, if I understand it right (and correct me if I'm wrong), every year you go without an accident or claim, your deductible shrinks a bit until eventually, it could hit zero. Sounds pretty sweet at first glance, but then I started thinking...is it actually worth it?
I mean, option one is sticking with my regular deductible—it's predictable, straightforward, and probably cheaper on premiums overall. Option two is this vanishing deductible deal—sounds tempting because who doesn't like the idea of paying less out-of-pocket if something happens? But then again, how often do accidents really happen? I've been driving for years without any major issues (knock on wood), so maybe it's just a gimmick to keep me hooked into paying a slightly higher premium each month.
I guess what I'm wondering is if anyone here has experience with either of these options. Did the vanishing deductible actually save you money in the long run? Or did you feel like you were paying extra for something you never ended up using? I'm kinda torn between playing it safe with the regular deductible or gambling a bit on this shrinking one.
Any thoughts or personal experiences would be super helpful right now.
