noun
1.
A Deductible is the amount of money a policyholder must pay out of pocket before any insurance payments are made. For example, if repairs to a personal vehicle cost $1,000, but the Deductible on that Policy is $500, the policyholder must pay $500 toward the repairs before the insurance company covers the other $500.
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Here, we discuss the basics of car insurance coverage, including what’s required by law, what coverage you may want to consider, and the importance of understanding deductibles.