What is an insurance deductible?
An insurance deductible is the amount of money a person must pay out-of-pocket towards a claim before their insurance coverage kicks in. In other words, a deductible is the amount of money you have to pay before your insurance company will start to cover any expenses. Depending on the type of policy, the deductible can range from a few dollars up to hundreds or even thousands of dollars. In Washington, like many other states, the deductible will be outlined in the policy documents and typically must be paid before the insurance company will process the claim. It’s important to note that a deductible is specific to each policy and each claim. That means a higher deductible would result in lower premiums but higher out of pocket costs when filing a claim.
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