What is an insurance deductible?

An insurance deductible is a set amount that you have to pay out of pocket before your insurance company will cover any remaining expenses. This amount is typically outlined in your insurance contract. For example, if your deductible is $500 and you have an accident that results in $2,000 worth of repairs, you will be responsible for paying the first $500 and your insurance provider will cover the remaining $1,500. If your claim is for a medical procedure, the deductible will apply to the total cost of the procedure. In Florida, the law requires that insurance companies offer a minimum deductible of $500.

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What is an insurance deductible?

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