What Is A Deductible
by admin on , under Insurance, Uncategorized
“What is a deductible?” is a very important question to know the answer to, especially when shopping for health or car insurance. You could refer to your deductible as your “out of pocket expense” that you will have to pay before your insurance begins to pay.
The amount of your deductible will depend upon several factors, however your monthly premiums will be the primary determining factor. If you pay a higher monthly insurance premium, then your deductible may be lower, and the opposite is true as well.
You can often control how high or how low you want your deductible to be, by asking your insurance agent to quote several different monthly installment amounts. A good way to save money on your monthly insurance premium, is to choose a higher deductible insurance plan.
However it is important that your deductible is not too high because you will have to pay this amount “out of pocket” in the case of a insurable loss, before your insurance company will pay the rest.