Posts Tagged ‘belicheat’
500 Deductible
May 17th, 2010
Question: How does a deductible work for car insurance?
I was driving home from work and I was already in my apartment parking garage and about to park my van when I do not know how when I turned right I heard a horrible noise. The right rear part was hit by a wall and now my beautiful black van has a lot of white scratches. I pay full coverage and the collission coverage pays up to $20000 but it says that there is a $500 deductible. Do I have to pay that amount even if labor costs less then that? or I have to pay the $500 only if the cost of fixing the van is more than $20000. What do I have to say when reporting the accident?
Answer: You would have to pay the first $500 of any repairs, and then your insurance would cover beyond that, up to $20,000.
You should tell them just what happened. You were parking and accidentally struck the wall and damaged the the back of the vehicle.
If the cost of repairs is going to be less than your deductable, you’d be better off not even telling them since it could raise your rates.
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