What does 1000 or 500 deductible mean when you're getting car insurance?

jtexas

Say you damage your car and take it to the body shop. When you get the bill, the insurance company will deduct the "deductible" and write you a check for whatever's left over.

Liberty

If something happens you pay either 1000 or 500 dollars. I rear eneded someone many years ago. The insurance paid for their repairs and I had to fork over 500 to get my car fixed. If my deductible was 1000 then that's what I would have had to pay. Get it?

Ronda B

Your deductible is the part that you have to pay before the insurance pays anything. Lower is better but you have to look at how much more your insurance will be with a lower deductible. It might be better to get a higher deductible and pay a lower premium.

Joseph P

Everyone's give you the correct answer. If it's $1000 deductible, that' your responsibility in a claim. If it's 500, then that's your responsibility in a claim. My advise: before you sign on the dotted line, ask the insurance agent to explain ever part of the policy. If you don't understand something, tell him. It's important that you understand your car insurance before you buy it. It's possible that the policy that you are buying is more insurance than you need and therefore you're paying too much. Speak to the agent. That's why he's there. to service the clients. Good Luck.

Brandy D

Your deductible is how muchyou will have to pay before your insurance will take over, in case of an accident.

So if you get in a wreck and it is going to cost 3000 to fix your car, then you will pay the deductible(500 or 1000) and the insurance will cover the rest.

If you choose the higher deductible, you can usually get better rates, but you will have to fork over more money if you get in an accident.

So you need to choose based on whether it will be easier for you to pay a couple dollars more per month and only have a $500 deductible, or whether you want to save the extra few bucks per month and pay $500 more in case of emergency!

Hope that helped!

Nigel M

Better - you have to evaluate your own personal situation.

The deductible is what you pay before the insurance company starts paying. Say you hit a tree, resulting in $5000 damage to your vehicle based on the insurance company's adjuster's estimate. With a $1000- deductible, you will pay the first $1000- to fix the car, and the insurance company will provide a check for $4000-.

entidtil

It means you pay the first $500. or $1000. of a claim. The higher the deductible, the cheaper the insurance. Deductibles only apply to collision and to comprehensive coverage. There are no deductibles on any other coverages

tonalc2

It means when you're filing a claim, you're responsible for the first $500 or $1000 of the amount of damages.

A high deductible means lower premiums.

Michael S

It means that the first 500 or 1000$ is to be paid by you if a claim is made. Deductable/Excess, same thing!

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