Insurance Deductibles: The Hidden Cost of Coverage
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- 1.1. Insurance Deductibles: The Hidden Cost of Coverage
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Insurance Deductibles: The Hidden Cost of Coverage
Insurance deductibles are a common feature of many insurance policies. They represent the amount of money that you, the policyholder, are responsible for paying out of pocket before your insurance coverage kicks in.
Deductibles can vary widely depending on the type of insurance policy and the insurance company. For example, car insurance deductibles can range from $100 to $1,000 or more, while health insurance deductibles can range from $0 to several thousand dollars.
The higher your deductible, the lower your insurance premium will be. This is because the insurance company is taking on less risk by requiring you to pay more out of pocket before they start paying claims.
However, it's important to remember that you will have to pay your deductible in full before your insurance coverage kicks in. This can be a significant financial burden, especially if you have a high deductible.
If you're considering purchasing an insurance policy, it's important to carefully consider the deductible amount. You should choose a deductible that you can afford to pay in the event of a claim, while also keeping your insurance premium as low as possible.
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