what is deductible?

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PostPosted: Wed Dec 12, 2007 6:12 pm   Post subject: what is deductible?  

what is deductible?

kennethadams
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PostPosted: Thu Dec 13, 2007 3:39 am   Post subject:   

Hi, kenneth, nice to meet you. Smile



Quote:
what is deductible?




Deductible is how much your insurance company expects you to pay before they starting paying out on the remainder of your claim.



For example, if you had a deductible of $500 and your claim was for a loss of $1200, you would pay the first $500. After that, your insurance company would pay the balance of the total, (assuming your claim went through ok) which would be $700.



$500 + $700 = $1200.



I hope that helps, kenneth. Smile
lilacsigh
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PostPosted: Thu Dec 13, 2007 6:14 am   Post subject:   

The deductible is the amount the insurer may wish you to pay at the time of settling a claim. This is the amount the policy holder is required to pay before his/her carrier pay for the uncovered portion of the damage.



Hope the idea is now clear to you.



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PostPosted: Thu Dec 13, 2007 6:31 am   Post subject:   

Hi kennith, welcome on board. It seems that you have already received some good responses buddy. Very Happy



Well, the idea of deductible is to make you share the responsibility for the damages.



Deductible normally applies to all other forms of insurances apart form life insurance. The collision and comprehensive coverage of auto insurance, typically, includes certain amount of deductibles, but the liability coverage comes without it.



Moreover, the deductibles helps in lowering the cost of coverage for the consumer as well, higher the amount of deductible, lower is the cost of premium. But, one needs to be careful at the time choosing the level of deductible, because you will be responsible for paying the deductibles whenever you are asked.



Please let us know if you need any further assistance.

JeremyHolter
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Jeremy Holter

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PostPosted: Mon Dec 31, 2007 6:09 am   Post subject:   

The higher deductable you choose to have the less your insurance will cost ,so keep that in mind. If you have an accident and have to pay that high deductable it isn't good though. It does keep you on your toes though and makes you more careful.

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PostPosted: Sat Jan 05, 2008 7:55 pm   Post subject:   

The deductilbe is the amount of a loss the insured pays in a claim.



For instance, if you have a $250 deductible on your home owners insurance policy and you have a claim for damages to your home that are covered under the policy and the damages are $1,000 - The insurance company would be responsible for paying $750 and you would have to pay $250.



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Hadley
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PostPosted: Sat Jan 05, 2008 7:59 pm   Post subject:   

The money that I don't have stashed away and should, lol.

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