What is a deductible as it relates to an insurance policy?
The deductible in an insurance policy is the amount that the claimant must pay first before the insuance company will pay on a claim. If the claim is large enough the amount will be deducted from the claim before the insurance company sends a check to the claimant.
For example: Automobile insuance policies usually have a deductible with their policies. Usually the higher the deductible the lower your premium will be. Deductibles can range from $0-$500 or more depending on the type of coverage and the limits of liabilty you have. If you have an accident and file a claim on your policy the insurance company will require an estimate for the amount of damage. If the accident caused an estimated $1000.00 in damage and you have a $500 deductible, then you will be responsible for the first $500 and the insurance company will pay you $500 for the balance of the estimated repairs.
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