What is an insurance deductible?

A deductible is an amount of money that a person must pay out of their own pocket before their insurance company will start to pay for any losses that are covered by their policy. In New Jersey, this amount can vary depending on the type of insurance and the specific policy that a person has. In some cases, the deductible amount may be the same for each claim that a person makes on their policy. In other cases, the deductible amount may be different for different types of claims. For example, if a person has a car insurance policy in New Jersey, they may have a deductible of $500 for each accident. This means that they would be responsible for paying the first $500 of any repair costs that come up from a car accident. After that, their insurance company would begin to cover any costs for repairs over $500. Overall, a deductible is an amount of money that a person must pay out of their own pocket before their insurance company will start to pay for any losses that are covered by their policy. This amount can vary in New Jersey depending on the type of insurance and the specific policy in place.

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