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

What to Ask When Getting an Insurance Quote

What to Ask When Getting an Insurance Quote

Obtaining an insurance quote is something that everyone will likely have to do. But do you know what to ask for yours?

The Cost of Medical Care

The Cost of Medical Care

Learn about the risks of not having health insurance in this informative article.

Keep Your Life Insurance When You Retire

Keep Your Life Insurance When You Retire

This article is perfect for those looking to maintain their life insurance or explore alternate options during retirement.