A deductible is the amount you, the insured, pay yourself in the event of a claim before the insurer intervenes. This amount is fixed in the policy and can vary depending on the type of insurance or cover chosen.
Some insurances use a fixed deductible, while others work with a percentage of the claim. The higher the deductible, the lower your premium will usually be. This system ensures that insurance stays affordable and that small claims do not have to be processed unnecessarily.
Disclaimer
This page is part of a lexicon and does not provide product information or contractual details on insurance services. For specific information, please refer to the official documentation or contact your insurance agent.
