Understanding Your Insurance Deductible

An insurance deductible is one of the most important parts of an insurance policy to consider when choosing these. Most types of insurance plans, including those for home and auto insurance have a deductible. As you shop for insurance, it is important to compare not just the premium, or the out of pocket cost for your insurance, but also the deductible limit. With the help of our independent agency, you’ll easily be able to compare this information so you can make the best buying decision for your needs.

What Is a Deductible?

An insurance deductible is the amount of money you’ll pay before your insurance kicks in to cover the costs associated with a loss. For example, if your home insurance plan has a $500 deductible, this means that if you have a covered claim that costs $1500, you are responsible for the first $500 paid on that claim. The insurance carrier will then cover the remaining $1000. Deductibles are your responsibility to pay out of pocket. Keep this in mind as you shop for policies.

Saving Money with the Right Deductible

You should never choose an insurance deductible that is too high for you to cover. Imagine if you were in a car accident today. How much could you afford to pay right now for repairs? You don’t want your deductible to be too high since this may limit your ability to afford paying it and getting the coverage you need.

At the same time, you’ll want to save money. The higher your deductible is, the lower your premium costs will be. Choose the right level of protection for your needs based on what you can afford here.

So, How Can You Save Money?

Use our comparative analysis tool to help you find the right deductible on the ideal policy. We can help you to do this. You can use our online tool to request quotes from multiple insurance carriers in the area. This tool will allow you to see all costs associated with the plan, including deductibles. You’ll then be able to consider various policies based on the costs.

It’s a good idea to understand what your insurance policy covers and how much your deductible is. When you use our tool to compare plans, you’ll have no trouble knowing what to expect from your insurance carrier and your home or auto insurance plan. Let our team help you today.