Call Us (772) 742-2626 ☰ ˟
Manage Policy File a Claim
Logo
(772) 742-2626
  • Home
  • Get A Quote
    • Automobile
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Workers Compensation Quote
    • Health
    • HomeownersImage of right arrow
      • Homeowners Insurance Quote
      • Homeowner Flood Quote Form
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Request Declaration and Coverages Page for Auto Policy
      • Send Declaration and Coverages Information to Lien Holder
    • Business & CommercialImage of right arrow
      • Request ID Card for Commercial Auto Policy
      • Request Declaration and Coverages Page for Commercial Auto Policy
      • Request General Liability Certificate of Insurance
    • Financial Services
    • Health
    • HomeownersImage of right arrow
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • MotorcycleImage of right arrow
      • Request ID Card for Motorcycle Policy
      • Request Declaration and Coverages Page for Motorcycle Policy
  • Blog
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Files
    • Insurance Glossary
  • About Us
    • About S E Benchmark Agency, INC
    • Location Map
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Icon Icon Icon Icon Icon Icon
Home > Blog > Understanding Your Deductible
THURSDAY, JUNE 18, 2020

Understanding Your Deductible

 

 

 What Is A Deductible?

A car insurance deductible is the amount of money you have to pay toward repairs before your insurance covers the rest. When a disaster strikes your home or you have a car accident, the amount of the deductible is subtracted, or “deducted,” from your claim payment. When you purchase an insurance policy, you determine how much you are willing to pay out of your own pocket in the event of a loss. That’s your deductible. The higher your deductible, the greater the level of risk you are willing to accept. Deductibles are the way in which a risk is shared between you, the policyholder, and your insurer. Generally speaking, the larger the deductible, the less you pay in premiums for an insurance policy.

 

How Do Deductibles Work?

Let’s say that when you purchased your policy, you selected a $500 deductible. Now, you are involved in a car accident, and it’s going to cost $2,500 to repair your car. You are responsible for the first $500 in damage repairs, and the insurance company will pay the remaining $2,000. In other words, when you receive your payment check, $500 will have been deducted from it. 

One way to save money on a homeowners or auto insurance policy is to raise the deductible so, if you're shopping for insurance, ask about the options for deductibles when comparing policies.

Increasing the dollar deductible from $200 to $500 on your auto insurance can reduce collision and comprehensive coverage premium costs. Going to a $1,000 deductible may save you even more.

One important thing to remember: If you are in a car accident and you are not at fault, you will still pay the deductible for the damages sustained to your vehicle. But, if the party at fault is insured, his or her insurance company may reimburse you the amount you paid for your deductible.

Posted 5:26 PM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018

  • #cheapfr-44(1)
  • #autoinsurance33313(1)
  • #lowdownpaymentautoinsurance(1)
  • #bestratesautoinsurance(1)
  • #lauderhillautoinsurance(1)
  • #cheapsr-22(1)
  • #sr-22monthlypayments(1)
  • #fr-44(1)
  • #cheapcommercialauto(1)
  • #cheapautoinsurance(1)
  • #sr-22florida(1)
  • #lauderhillcommercialauto #commercialinsurance33313(1)
  • #sr22lauderhill(1)
  • #libertymutualautoinsurance(1)
  • fr44insurancequote(1)
  • #mercurycommercialauto(1)
  • #fr44lauderhill(1)
  • #windhavenautoinsurance(1)
  • #progressiveautoinsurance(1)
  • #bristolwestcommercialauto(1)
  • #fr-44monthlypayments(1)
  • sr-22carinsurance(1)
  • #mercuryautoinsurance(1)
  • #browardcommercialauto(1)
  • #progressivecommercialauto(1)
  • #sr-22insurancefl(1)
  • #sr-22(1)
  • #sr-22browardcounty(1)
  • fr44carinsurance(1)
  • #bristolwestautoinsurance(1)
  • #fortlauderdalecommercialauto(1)
  • #floridacommercialauto(1)
  • fr-44progressive(1)
  • #fr-44florida(1)
  • fr-44bristolwest(1)
  • sr-22insurancequote(1)
  • sr-22progressive(1)
  • #autoinsuranceflorida(1)
  • sr-22bristolwest(1)
  • #fr-44insurancefl(1)
  • #travelersautoinsurance(1)
  • #fr-44browardcounty(1)

View Mobile Version
Facebook
Instagram
Google+
Twitter
Get Directions
Contact Us Today
Resources
Products
Customer Service
Payment Options
Newsletter
Gallery
About Us
Refer A Friend
Our Carriers
Blog
Contact Us
Contact us 2138 N US Highway 1
Ft. Pierce, FL 34946

P: 772-742-2626
F: 772-742-1702
E: support@sebenchmark.com
© Copyright. All rights reserved. Powered by Insurance Website Builder.
Facebook