The amount you must pay from your own pocket for each claim.
The deductible is the amount you agree to pay on each loss before your insurance company pays. Generally, the larger your deductible, the smaller your premium.
The dollar amount you must pay out-of-pocket for each claim before the insurance company begins paying.
The amount a policyholder is responsible to pay up-front before covered benefits from the insurance company are payable. This is applicable to comprehensive or collision coverage only.
The amount the insured must pay in a loss before any payment is due from the company.
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