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 Kind of Business Insurance Do I Need?

What Kind of Business Insurance Do I Need?

From general liability to property insurance, here are some policies a business owner may want to consider.

Did You Know This Fact About Damaged Property?

Did You Know This Fact About Damaged Property?

Damaged property during the claims process shouldn't be thrown away.

6 Tips to Help You Prepare for Natural Disasters

6 Tips to Help You Prepare for Natural Disasters

Disaster can strike at any time. These six tips can ensure you’re prepared when it does.