What is deductible money in automobile insurance?

Answer 1

Clarification on another answer here:

It's not only the deductible you pay if you're at fault, but also for things that happen to your car outside of an accident. Your comprehensive deductible is for theft, glass breakage, hitting an animal, weather (think hail, lightning), criminal mischief, and other things outside of your control. The collision deductible is what pays for damages that you are at fault for an, in some states and in situations where you don't have specific coverage for it, in the case of a hit & run or uninsured motorist claim until the company sues the responsible party.

Answer 2

The deductible amount is what you pay for a claim. The higher the amount of deductible, the lower your premium payments are. If you have $500 deductible and have a claim for $450 worth of damages, you pay for all the work to be done. Basically, the deductible is what the insurance company does not have to pay for a claim.

Answer 3

The deductible is what you pay in case of a claim if you are found at fault. It can range from 1000 to 250. The lower your deductible the higher your insurance premium. But even if you are at fault you can work with your body shop and sometimes they will help you so you wont have to pay anything out of your own pocket.

Answer 4

It is money that you must pay out of your pocket if you get in an accident and need to fix your car.
If your deductable is $500, and your car repair costs $2000, it means that you pay $500 dollars, and your insurance company pays the remaining $1500.

Answer 5

The amount you agreed to pay out of your pocket when you signed up for insurance. Whatever your deductible is, you pay that first, out of pocket, and the insurance pays the rest. Let's say $1,500 in damages, $500 deductible. They pay the $1,000, you pay the rest.

Answer 6

It's the amount of money you must pay, before the insurance pays their portion.