For example, if I have a $500 deductable, what exactly does that mean when claiming from insurance?
2006-09-25 16:52:43 · 0 answers · asked by nas_staci 2 in Cars & Transportation ➔ Maintenance & Repairs
A deductable is the amount of money that YOU will pay for any accident or insurance claim that you make. So, for example, if you get hit by someone and the damage is $3000, you'll pay $500 and the insurance company will be the remaining $2500. If you caused $50,000 in damage (assuming your insurance covers the complete damage cost), you'll again pay only $500 and they'll cover the other $49,500. So, if you get in a minor fender bender and the cost to fix is $300, don't report it to insurance, because your rates will still go up, but you won't get a penny from them. Hope I could help!
2006-09-25 16:58:57 · answer #1 · answered by ? 3 · 1⤊ 0⤋
The deductible is the first lump of money you have to pony-up out of your pocket if there's damage. A $500 deductible policy means you pay the first 500 bucks, then the insurance kicks in. A $1000 deductible means you pay the first $1,000 before insurance kicks in.
Because the insurance company has less exposure, the rates for a larger deductible like the $1000 policy, will be cheaper
2006-09-25 16:58:21 · answer #2 · answered by Boomer Wisdom 7 · 0⤊ 0⤋
a "deductable" means you have to pay that amount toward the total cost each time you use that insurance if you have a $500.00 deductable this means a repair that would cost $2500.00 you will pay $500.00 and the insurance will cover the other $2000.00 up to your limit
so you get the full repair for only the cost of your deductable
2006-09-25 16:57:09 · answer #3 · answered by yodamandemonoid 3 · 0⤊ 0⤋
this means you have to pay the first 500 dollars of the bill,,the rest will be covered by the insurance company,,you can get a Lower deductible,,but the premium will be higher,,either way the got you with it,,mine is that way too,,good luck i hope this help,s.
2006-09-25 17:09:57 · answer #4 · answered by dodge man 7 · 0⤊ 0⤋
I might suggest that you try this web site where onel can get quotes from the best companies: http://COVERAGEDEALS.NET/index.html?src=5YAxnu68umH27deW1
RE :With regards to auto insurance, what does having a deductable mean?
For example, if I have a $500 deductable, what exactly does that mean when claiming from insurance?
Follow
2017-03-08 07:18:08 · answer #5 · answered by ? 6 · 0⤊ 0⤋
EXAMPLE.... You have $5000.00 in damages and you deductible is $500.00.... The Insurance company will pay you or your body shop $4500.00... In other words you pay the first $500.00 or what ever your deductible is...
2006-09-25 17:01:38 · answer #6 · answered by Sandy 6 · 0⤊ 0⤋
That's wrong
2016-07-27 13:01:52 · answer #7 · answered by Anonymous · 0⤊ 0⤋
That the insurance company will pay all of the clam - $500.00 you will have to pay that.
2006-09-25 16:57:54 · answer #8 · answered by Heavy Metal 3 · 1⤊ 0⤋
Wow, thanks! exactly what I was searching for. I tried looking for the answer on the internet but I couldn't find them.
2016-08-23 07:36:18 · answer #9 · answered by Anonymous · 0⤊ 0⤋