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The higher your deductible, the less money an insurance company has to pay out due to a covered claim — for which they are willing to trade you a lower premium.
In an insurance policy, the deductible (in British English, the excess) is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. [1] In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.
To make sure you’re prepared to pay your deductible, let’s look into how deductibles work for some common types of insurance: home, renters and auto. Understanding how your deductible works
Your deductible is the amount you pay out of pocket when you file a claim. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us ...
Collision coverage typically requires you to pay a deductible before your insurance kicks in. This amount can range from $250 to $1,000 or more, depending on your policy choices.
A deductible is the amount a person must pay before their insurance begins paying for covered expenses. This amount can vary widely between insurance companies and types. Medicare sets specific ...
You carry comprehensive insurance with a $500 deductible, so your insurance company would pay $6,500 toward the repairs and you would be responsible for the $500 deductible.
For example: If you must file a claim, and your deductible is $500 — and the body shop’s bill is $3,000 — your insurance company will only pay $2,500. You’re responsible for the remaining ...