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

Did You Know This Fact About Parking in a Garage?

Did You Know This Fact About Parking in a Garage?

Save money by parking your car in your garage.

Replacing Your Medicare Card

Replacing Your Medicare Card

Learn how to replace your lost, stolen, or damaged Medicare card in this helpful article.

Life Insurance Explained

Life Insurance Explained

Looking to learn about life insurance? This comprehensive article is a great place to start.