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What does it mean when you have a $1,000 deductible? If you submit a collision or comprehensive claim, you’ll be responsible for paying $1,000 out of pocket before your insurance kicks in ...
Your deductible: Both collision and comprehensive coverage have a deductible, which is the amount you’ll pay out of pocket if you file a claim for those coverage types. A higher deductible will ...
Comprehensive coverage: This type of insurance is designed to protect your vehicle from non-collision events, such as theft, vandalism or natural disasters. For instance, if your car is damaged ...
Full coverage is the term commonly used to refer to the combination of comprehensive and collision coverages (liability is generally also implied.) The term full coverage is actually a misnomer because, even within traditional "full coverage" insurance, there are many different types of coverage, and many optional amounts of each.
For example, with a deductible of 10% with a minimum of $1,500 and a maximum of $5,000, a claim of $25,000 would incur a deductible of $2,500 (i.e. 10% of the loss), and the resulting payment would be $22,500. A claim below $15,000 would incur the minimum deductible of $1,500, and a claim above $50,000 would incur the maximum deductible of $5,000.
Some drivers opt to buy the insurance as a means of protection against costly breakdowns unrelated to a crash. In contrast to more standard and basic coverages such as comprehensive and collision insurance, auto repair insurance does not cover a vehicle when it is damaged in a collision, during a natural disaster or at the hands of vandals.
Your lender will usually require collision and comprehensive coverage if you are financing or leasing, and they may have rules regarding your deductible amount. Comprehensive coverage (COMP or OTC ...
These may include copayments, deductibles, and coinsurance charges that must be paid by the insured before the health insurer pays any benefits. [1] In the first half of 2018, almost half of Americans with health insurance had high-deductible plans—defined as plans with a deductible of at least $1,350 for an individual policyholder. [2]