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.
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How much do you know about one of the most important tools you have to help protect your and your family’s financial future?
Here, we discuss the basics of car insurance coverage, including what’s required by law, what coverage you may want to consider, and the importance of understanding deductibles.