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.

Have A Question About This Topic?

Thank you! Oops!

Related Content

What to Ask When Getting an Insurance Quote

What to Ask When Getting an Insurance Quote

Obtaining an insurance quote is something that everyone will likely have to do. But do you know what to ask for yours?

A Brief Guide To Condo Insurance

A Brief Guide To Condo Insurance

Important items to consider when purchasing condo insurance.

A New Way to Look at Your Bucket List

A New Way to Look at Your Bucket List

Bucket lists don’t have to be for tomorrow.