Insurance Deductibles so How Do
presented by get insured quick calm
today we're going to be talking about
insurance deductibles so how do
insurance deductibles work well if
you've ever filed an insurance claim youinsurance deductibles work well if
probably notice that your check did not
- include the entire amount of the damages
- that were calculated this is because
- almost all insurance policies be an auto
- insurance homeowner's health care
- business or any type of insurance really
- have a coinsurance provision like the
name suggests coinsurance is the amount
you agree to Co insure the property
business or person against a loss it's
also called the deductible because it's
the amount the insurance company will
deduct from the final settlement to
cover your coinsurance
now sometimes deductibles are flexible
and allow you to choose the amount auto
insurance is a good example of this
usually you decide if you want a two
hundred and fifty five hundred thousand
or fifteen hundred dollar deductible
sometimes even more or less in the
premium or the amount that you pay for
the policy will go up on the lower
deductibles and down on the higher ones
so if you have a fender bender and the
amount of damage to your car is two
thousand dollars and you have a one
thousand dollar deductible your
- insurance company will pay you $1,000
- for the damages some deductibles are
- calculated as a percentage of the value
- of the covered property for example
- homeowners insurance usually has a one
percent deductible on the value of the
home so a
250 thousand dollar home will
have a twenty five hundred dollar
deductible because one goes into to
carry the four remainder five all right
you know what I can't math you're just
gonna have to take my word on that one
so in effect when you buy insurance
you're technically becoming a partner
with the insurance company from a
certain point of view the whole point of
insurance so I didn't have to pay
you'd be wrong then deductibles exist to
make sure that you as my grandpa used to
say have a dog in the hunt or $500 auto
insurance deductible keeps you from
filing a claim every time your car gets
a little ding in the parking lot and
your $50 healthcare copay keeps you from
going to the doctor every time you stub
your toe in other words it's low enough
that you can afford it for major stuff
but high enough that it doesn't make
sense to use it for minor things now the
usual advice is that you should set
aside the amount of your deductible in a
separate account to have should you ever
need it but are you going to do that of
course you're not but you can't say we
didn't try to tell you and get insured
quick we'll work with you to find the
Table for contents
what does liability insurance cover
what The insurance is covering
best policy and deductibles to fit your
unique needs to make sure that when you
need it you'll be covered that's why it
get insured quick we always say when it
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