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.
While protection is never a bad thing, you want to make sure the value of the coverage outweighs the added cost.
No business wants to flip that “Closed” sign for long, but there’s coverage for that.
Here, we discuss the basics of car insurance coverage, including what’s required by law, what coverage you may want to consider, and the importance of understanding deductibles.