Deductible Savings Bank®
Reduce your deductible by $50 for every policy period without a claim or driving violation, all the way down to $0*
What is the Progressive Deductible Savings Bank?
The Deductible Savings Bank is an optional feature that can be added to your existing Progressive policy. When you finish a policy period without filing a claim or having a driving violation, this feature lets you earn $50 toward your collision and comprehensive car insurance deductibles. Then, if you ever do have an accident or claim, you can use your Deductible Savings Bank balance to pay part or all of your deductible. If you remain claim-and-violation-free through enough policy renewals, you may have enough to pay your entire deductible.
How the Progressive Deductible Savings Bank works
If you file a claim, you'll have the option to use your Deductible Savings Bank to reduce or eliminate your deductible for that claim. Your deductible will then reset to the full amount. If your next policy period remains free of claims or driving violations, you'll once again see your deductible start to drop as long as you're enrolled in the Deductible Savings Bank.
Let's say you choose $500 collision and comprehensive deductibles when you purchase your Progressive auto policy. If you add the Deductible Savings Bank to your policy, your deductibles will lower to $450 at your next six-month policy renewal as long as you haven't filed a claim or had a driving violation. This will continue following every claim-and-violation-free policy period until your deductibles reach $0. If you file a claim, your deductibles will return to $500, and the process will start over again.
Disappearing deductibles for everything in your driveway
You can also add the Disappearing Deductibles feature to your motorcycle, RV, and boat policies.** Since these policies are annual, your deductible will go down less frequently than your auto insurance deductible. And instead of a flat rate, your deductible will decrease by 25% of your total deductible per claim-free policy period.
How to enroll in the Progressive Deductible Savings Bank
You'll have the option to add the Deductible Savings Bank to your policy once you receive your rate. Just look for the Safe Driving Rewards section below your coverage selections.