What is an insurance deductible?

Every insurance policy has a set deductible. This is the amount you must pay for vehicle repairs or medical bills before your insurance coverage will begin to cover costs. For example, say you have an insurance policy with a $500 deductible. If you are in an accident, and your vehicle repairs cost $3,000, your insurance will cover $2,500 in repairs. You will need to pay the remaining $500 yourself.

When choosing an insurance policy, it is important to consider the deductible carefully. If your insurance policy has a high deductible, it will probably have low premiums. However, you also need to make sure that you will be able to pay the deductible if an accident does occur.

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