What does it mean if I have a $500 deductible?
After you pay the car deductible amount, your insurer will cover the remaining cost to repair or replace your vehicle. Example: You have a $500 deductible and $3,000 in damage from a covered accident. Your insurer will pay $2,500 to repair your car, and you'll be responsible for the remaining $500.
What does it mean when you have a $1000 deductible?
A health insurance deductible is the amount you pay before your insurance kicks in. For example, if you have a $1000 deductible, and you need a $1000 MRI procedure and a $2000 surgery, you will pay $1000 out-of-pocket for the MRI, and then $0 for the surgery.
Which deductible is best for car insurance?
Typically, insurance agents recommend that your comprehensive deductible be between $100 and $500. Comprehensive claims tend to be filed for less damage than collisions, so having a lower deductible is often logical.
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