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

An Overview of Renter’s Insurance

An Overview of Renter’s Insurance

Don’t overlook the need for renter’s insurance if you rent your home.

Life Stages That Impact Your Life Insurance Needs

Life Stages That Impact Your Life Insurance Needs

Life is constantly changing, and so are your life insurance needs. Check out the 5 stages and how they change your take on Life.

Consider Keeping Your Life Insurance When You Retire

Consider Keeping Your Life Insurance When You Retire

Reasons to retain your coverage into your retirement years.