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

How Long Can Your Business Stay Out of Business?

How Long Can Your Business Stay Out of Business?

No business wants to flip that “Closed” sign for long, but there’s coverage for that.

5 Key Points for Choosing a Life Insurance Policy

5 Key Points for Choosing a Life Insurance Policy

While price is a big factor, there are other important factors to consider when choosing the right life insurance policy for you.

Protecting Yourself & Your Home From Hurricanes

Protecting Yourself & Your Home From Hurricanes

It's important to be prepared so that you and your family are ready if disaster strikes.