Choose a term to see it unpacked in four quick layers.
01 Term
Deductible
02 In short
The portion of a covered loss you pay before coverage pays the rest.
03 Plain language
Think of a deductible as your share of a covered repair. If a policy lists a $500 deductible, you handle the first $500 of an eligible claim and the policy addresses the remaining covered amount, up to its limits.
04 Example
A covered repair costs $2,000 and the deductible is $500. The policyholder pays $500.