What Exactly Is a Deductible? Want lower insurance costs? Raise your deductible. When you are purchasing new insurance or renewing a current policy, you should think about the cost of your deductible. Simply put, a deductible is the amount of money you will pay out of pocket for any damage to your property. You will select the deductible level you want for coverage. Be sure to pick an amount you can afford. The deductible is the amount you’re required to pay before your insurance provider pays for any covered losses. Whether insuring your condo in Cleveland or your vehicle in Baton Rouge, the amount of your deductible will affect your premium rates. If you are willing to pay a higher deductible, you could get a lower premium. Alternatively, you might pay a higher premium rate if you choose a lower deductible. Make sure you select a deductible amount that you can afford in the event you need to file a claim.
Posted on: Wed, 22 Oct 2014 14:43:58 +0000
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