Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
A deductible by definition is the amount you must pay before benefits "kick in" and begin paying. The deductible amount can vary by policy. For example, if you have a $500 deductible and want to make a claim, you must pay the $500 before the insurance carrier pays it's share of expenses related to the claim.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
A deductible, regardless of the type of coverage you have, is the amount you pay in the event that you need to file a claim with your insurance company for a covered loss. A deductible choice has a direct effect on the price that you pay for the coverage in that the higher the deductible (meaning the amount of risk that you are willing to accept for yourself) the lower the premium you will be charged for the insurance coverage.
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A deductible on car insurance can apply to either collision or comprehensive coverage. It represents the amount that you are responsible for when a claim is filed.
For example, if an at-fault accident causes $4500 of damages, and your deductible is $250, the insurer would pay $4,250 and your portion would be $250. A fairly simple concept isn't it?
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For example, if an at-fault accident causes $4500 of damages, and your deductible is $250, the insurer would pay $4,250 and your portion would be $250. A fairly simple concept isn't it?