The Balance Ad Insurance: What Is a Deductible for Insurance?
This article was written by Mila Araujo and was last updated on October 18, 2022. Samantha Silberstein reviewed it and Mrinalini Krishna verified its accuracy.
The following are the definitions and examples of insurance deductibles: how an insurance deductible works; how health insurance deductibles work.
Insurance Deductible vs. Out-of-Pocket: How Can a Deductible Help Me Save Money?
The amount you will have to pay for an insurance claim before your coverage kicks in and covers the rest is known as an insurance deductible.
The most important takeaways An insurance deductible is the amount you pay before your insurance company covers your losses.
The amount you will be responsible for varies from plan to plan.
You will only have to pay one deductible per claim, but you will have to pay it again every time you make a claim during a term until you reach your limit.
Car and home insurance liability claims are exempt from deductibles.
