What is an insurance deductible?

An insurance deductible is the part of a claim that you must pay out of pocket before your insurance company will pay the rest of the claim amount. In South Carolina, the amount of the deductible may depend on the type of coverage you choose. For example, if you have auto insurance, your deductible may range from $250 to $1,500, depending on the type of policy you purchase. If you have health insurance, your deductible may range from $500 to $5,000 depending on your plan. Generally, the higher the deductible, the lower your insurance premiums will be. The deductible must be met before your insurance company will pay the remaining amount of the claim. This means that if you have to make a claim, you will have to pay the deductible amount out of pocket before you will receive any reimbursement from the insurance company.

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What is an insurance deductible?

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