What is a Deductible?

There are great video resources all over the internet and Youtube.  This is an example of a great one from Allstate.  We will post more and more videos of valuable insight to our audience.

 

As an insurance consumer, you should utilize all resources available to understand your risks, exposures, and this amazing way to transfer risk to companies willing to accept it.  The insurance industry is an amazing industry that provides a great value to society, and many don’t realize until they have a life altering event.   If you are buying directly from an insurance company or using an online tool – the assumption is that you know what you are doing and you may bear the risk of mispurchasing or underinsuring.

 

After the event, many still don’t understand basic concepts and/or policy terms.   That’s why it’s important to understand your coverage and responsibilities prior to binding coverage.  An example of important topic is understanding what is an insurance deductible and what is your obligations in the event of a loss.

 

This amount can be the difference between someone’s savings account being wiped out or not having enough cash on hand to pay other bills.

 

See also…Does rainy day fund recommendation assume appropriate insurance coverage?

 

 

A good quick video from Allstate about “What is a deductible”.  There is a good series of videos afterwards.

 

See also…The Appropriate Insurance Deductible

 

I take larger deductibles because I was able to save enough money where I now feel comfortable, however, in my early years I utilized much lower deductibles as I couldn’t afford a hit to my cash/savings.

 

Discuss with an insurance consultant, expert, agent, or other professional to understand your risks and they can help you understand what is appropriate for you.

 

If you have questions, comments or topics you would like to see –  please comment or contact us and we will source the best experts to write and article.

 

Thanks.

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