12:19:00 AM
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You may likely have heard such word or heard others speak of it, but do not know what it means. In the insurance field, the word refers to the amount of money (as applies to the insurance policy) that you (the policyholder or insured) must pay to your insurance company on the event of a loss, before your insurance company can offer you a claim for the loss.
This is an up-front payment as applied to you (the insured) under the insurance policy, to be qualified for the benefits of loss coverage that your insurance company will offer to you. It is a general feature of most insurance companies, but as applied to the law of the state.
The amount considered to be deductible varies, but in most states it may range from about $200-$450. Policyholders of collision coverage or that of the comprehension coverage are entitled for deductible, for their loss to be fully reimbursed.
Paying a deductible that is high will most likely save more money for you on your insurance policy. But be informed that your insurance company payment for loss coverage will be determined by the policy limits of your insurance company as in the case of auto insurance.
When running an auto insurance policy, be prepared to pay for your deductible concerning any possible loss. In doing so, you are telling your insurance company to pay for all the other huge expenses for loss coverage.
This is an up-front payment as applied to you (the insured) under the insurance policy, to be qualified for the benefits of loss coverage that your insurance company will offer to you. It is a general feature of most insurance companies, but as applied to the law of the state.
The amount considered to be deductible varies, but in most states it may range from about $200-$450. Policyholders of collision coverage or that of the comprehension coverage are entitled for deductible, for their loss to be fully reimbursed.
Paying a deductible that is high will most likely save more money for you on your insurance policy. But be informed that your insurance company payment for loss coverage will be determined by the policy limits of your insurance company as in the case of auto insurance.
When running an auto insurance policy, be prepared to pay for your deductible concerning any possible loss. In doing so, you are telling your insurance company to pay for all the other huge expenses for loss coverage.
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