Insurance Deductible Definition
June 28th, 2010Question: car insurance definitions?
in car insurance, what are the definitions of:
Policy
Premium
Deductible
Answer: policy is the document itself that tells you what is covered through your insurance as well as what is excluded from coverage.
premium is what you pay monthly, every six months, or once a year typically to keep the policy active.
deductible is what you pay to get a covered auto on your policy fixed. if your collision deductible is 500 then you pay 500 if your car is involved in an accident and you choose to get the car fixed through your insurance company. Your insurance company will pay the remaining amount to fix the car after you pay the deductible.
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