How Do Deductibles Work With Car Insurance

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If you own your own car, you probably already know a little about car insurance. You may have heard the words deductible or premium. But, do you truly understand the different parts of an auto insurance policy and do you know how to choose the best coverage?

Unlike health insurance, in which you typically meet one deductible per calendar year, the deductible on an auto or homeowners insurance policy’s coverage will apply each time you file a claim. You Can Count On A Local Agent.

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Car insurance companies do check credit as to determine your insurability. Your premium is a bill like any other, and a poor credit score can alert an insurer of financial trouble. If there is a chance that you may miss premium payments, an insurer may decide you are too risky to insure.

Homeowners Insurance Deductibles. A deductible is the amount of money a policyholder must pay out-of-pocket toward damages or a loss before their insurance company will pay for a claim.

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Car insurance companies do check credit as to determine your insurability. Your premium is a bill like any other, and a poor credit score can alert an insurer of financial trouble. If there is a chance that you may miss premium payments, an insurer may decide you are too risky to insure.

Jun 25, 2017  · The auto insurance deductible is the amount of money you will first be responsible for before company begins to cover costs. 11 apr 2017 what is an insurance deductible? Learn about how deductibles work for auto, home, business & health insurance.

Jan 01, 2015  · Meanwhile the size of the average deductible more than doubled in eight years, from $584 to $1,217 for individual coverage. Add to this co-pays, co-insurance and the price of.

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Deductibles and Insurance Rates. When you are shopping around for car insurance quotes, one of the items you will have to select is a deductible, or two deductibles if you carry both comprehensive and collision. The deductible is the amount you will be responsible for out of pocket if you file a claim in which the deductible applies.

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Note that insurance deductibles only apply to claims for physical damages to your own vehicle, and unless you’re in a “no-fault” state, a deductible is usually only required for an accident where you’re considered at fault.

Insurance companies want you to pay your part in a claim, so in most cases, the insurance company will set a minimum deductible. You can increase your deductible to save money, but you can not decrease it if the insurance company has set a minimum deductible.

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