What is a Deductible?
A deductible is the amount of money the insured is required to pay before his/her insurance begins covering the costs.
For example, if you were in a car accident and the damage totaled to $8000 and your deductible was $1000, this means that you would pay the first $1000 of the initial costs, and then your insurance company would cover the rest.
A higher deductible means that you have more out of pocket expenses. The benefit of a high deductible plan is that you have lower monthly premiums, however, in the event of an incident, you are responsible for a higher amount of your initial costs.
A low deductible means that you have a higher monthly payment, however, in the event of an incident your initial cost is lower and your insurance company would cover more of the costs.
At Selection Insurance our mission is to find the best-personalized insurance for each customer. When choosing the best-personalized plan and your deductible rate, we try to meet our customer’s needs for their unique situation. Just call us at 725-777-3777 or get in touch with your questions. We are here to help you.