| Insurance that has no deductible sounds | | | | the repairs. Occurrences such as vandalism |
| absolutely wonderful since we are sometimes | | | | and theft do not have a deductible. There are |
| stuck in the "you must meet the deductible | | | | other types of insurance such as travel |
| before..." trap. This is true for health | | | | insurance, renter's insurance, and business |
| insurance, property insurance, and car | | | | insurance that may require deductibles, so |
| insurance. Luckily life insurance doesn't | | | | apparently there's a reason for having a |
| have a deductible to meet or beneficiaries | | | | deductible other than it being the amount of |
| would be in trouble. First of all, one must | | | | a claim that is not covered by the insurance |
| understand what the deductible means for the | | | | company. It does give the insurance a bit of |
| most common forms of insurance: - Health | | | | a financial edge so that they can continue to |
| Insurance: Usually you are required to choose | | | | produce low premiums with reasonable |
| a deductible when signing up for health | | | | deductibles. What about the insurance |
| insurance. The higher the deductible, the | | | | policies that don't have deductibles? No |
| lower your premiums. However, you must meet | | | | matter the kind of insurance you have, there |
| that deductible in the form of how much | | | | are some available that do not require |
| healthcare you have to pay for before your | | | | deductibles. This can be beneficial in that |
| health insurance provider will give you the | | | | coverage is provided without having to meet |
| full coverage of the policy. This can exist | | | | that annoying deductible, but what about the |
| on an individual and/or a family level. An | | | | quality of the coverage? Sometimes with |
| example is an individual who has a $500 | | | | non-deductible insurance, the insured may |
| deductible and must pay $500 toward their | | | | have to eventually pay a deductible amount if |
| healthcare bills before the full benefits of | | | | there are too many claims on the policy. The |
| their policy kicks in. These deductibles can | | | | quality of the coverage may not be as good as |
| be hundreds or even thousands of dollars, | | | | a policy with a deductible as far as the |
| depending on what the policy holder chooses. | | | | items in small print go. There may be more |
| - Property Insurance: This comes in the form | | | | restrictions in coverage and stricter |
| of homeowners insurance and insurance on | | | | limitations as far as what is covered goes. |
| various other pieces of property. If the | | | | What it comes down to is that insurance with |
| property is damaged in some way, there are | | | | a deductible may provide you with better |
| stipulations within the insurance policy that | | | | coverage, lower premiums, and have less |
| says a certain amount of money must be paid | | | | underlying clauses. Non-deductible insurance, |
| by the policy holder before the insurance | | | | on the other hand, is cheaper in that you |
| will do anything toward repairing or | | | | have no deductible and the premiums may be |
| replacing the damaged property. Sometimes | | | | comparable to deductible insurance, but you |
| this doesn't work if the property damaged is | | | | may run into situations where you are limited |
| not worth the amount of the deductible. - Car | | | | on what you can claim and you may find that |
| Insurance: Car insurance has deductibles | | | | you will eventually have to pay a deductible |
| depending on the kind of damage that has | | | | anyway, otherwise the insurance company is |
| occurred to the car. If there has been a | | | | only receiving money made from premium |
| collision, then chances are there will be a | | | | payments to provide their clients coverage. |
| deductible that must be met before any | | | | |
| repairs are paid for by the insurance | | | | Zero deductible insurance does not |
| company. Since collisions result in thousands | | | | necessarily save you money. Premiums are |
| of dollars in damage to a vehicle, something | | | | often higher and the coverage isn't as |
| such as a $250 or $500 deductible will save | | | | adequate. It's important to always get an |
| money instead of having to pay for 100% of | | | | insurance quote when shopping for insurance. |