With most insurance policies you have a deductible and car insurance is no exception. The way the deductible works is you would receive payment for the damages less your deductible. You do not have to pay the deductible to the insurance company. For example, if you ran into the back of someone and the damage to your car was $2,500 you would receive a check (or the repair shop) for $2,500 - deductible. You would then pay the repair shop the difference. A Standard deductible for car insurance is $500 but some people choose a lower deductible for comprehensive coverage which covers, cracked windshields and other damages not attributed to a collision accident.
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A deductible is the amount of dollars that you are responsible for in the event of a claim. Of course, if there is another driver involved who is at fault and is insured, you will most likely pay nothing at all, depending on where you live. You can select the deductible on your vehicles, with lower deductibles costing more than higher deductibles.
For example, if you have a $500 deductible on your car insurance collision benefit, and the damages are $4500, you will have to pay $500 of that amount. In some scenarios, $500 is deducted from the check that is given to you from the insurer.
The same concept applies to a comprehensive claim such as fire, vandalism or theft. When there is glass breakage, you may have no deductible. Also, generally, comprehensive deductibles are less than collision deductibles on most policies.
A reputable national website or experienced broker can easily review your deductible options and quickly determine which amount is the most cost-effective.
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Simply stated, the deductible is the amount of the covered loss processed by your insurance company, for which you would be responsible. In other words, if you have a $500 collison deductible, and the total amount of the settled damage repair is $1,500, then your Insurance Company would pay $1,000 and you would pay$500.
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For example, if you have a $500 deductible on your car insurance collision benefit, and the damages are $4500, you will have to pay $500 of that amount. In some scenarios, $500 is deducted from the check that is given to you from the insurer.
The same concept applies to a comprehensive claim such as fire, vandalism or theft. When there is glass breakage, you may have no deductible. Also, generally, comprehensive deductibles are less than collision deductibles on most policies.
A reputable national website or experienced broker can easily review your deductible options and quickly determine which amount is the most cost-effective.