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 Does Boat Insurance Cover?

What Does Boat Insurance Cover?

Learn the basics of boat insurance, including what it is, what it covers, and why you may want to consider protecting your watercraft against accidents.

Did You Know This Fact About Basement Flooding?

Did You Know This Fact About Basement Flooding?

A simple precaution can help prevent basement flooding.

Errors and Omissions Insurance

Errors and Omissions Insurance

E&O insurance is specifically designed to protect you, or your company, from the risk of a client’s dissatisfaction.