Insurance

What is a Deductible?

Deductible

[dih-duhk-tuh-buh l]

noun

1.

A Deductible is the amount of money a policyholder must pay out of pocket before any insurance payments are made. For example, if repairs to a personal vehicle cost $1,000, but the Deductible on that Policy is $500, the policyholder must pay $500 toward the repairs before the insurance company covers the other $500.

 

Related Content

Fallen Tree Damage—Who Pays?

Fallen Tree Damage—Who Pays?

Your liability for damages that occur when a tree on your property falls on your neighbor’s property is not clear cut.

Did You Know This Fact About Older Vehicles?

Did You Know This Fact About Older Vehicles?

Did you know you have coverage options on older vehicles?

What is Loss of Use?

What is Loss of Use?

Do you know what Loss of Use is?