One of the first questions one may ask is... What is a deductible? Or how much is my deductible?
A deductible is an amount you are responsible for when a loss occurs, regardless of fault. If you choose to go through your own insurance carrier, this amount is owed to the shop of your choice or is subtracted from the total loss payment if your vehicle is determined to be a total loss.
Let's say the damages to your vehicle are $1,500. If you have a $500 deductible, you would pay $500 to the shop and your insurance company would pay anything above $500 to the shop. Most insurance companies will only pay up to the Actual Cash Value (ACV) of your vehicle. I will review the total loss process in a different post. Needless to say though, you would owe the amount of your deductible to the shop in case you are involved in a loss. Remember, you determine your deductible, so do not complain to your insurance claim adjuster when they advise that you owe your deductible to a shop.
Secondly, the place to find your deductible can be found on your declarations page. Your declarations page can most often be found online with your insurance provider. If you access your insurance account on your insurance provider's website, look through your insurance documents on the site. The declarations page will list all the coverages you have paid for with your policy premium. There is a key point there and that point is... The coverages you have paid for with policy premium. If it is not listed on your declarations page, you likely do not have that coverage afforded to you in case of a loss.
An example of this could be that you need a rental car while your car is being repaired from an accident you were involved in. If rental coverage is not listed on your declarations page, you will not be afforded a rental car from your insurance provider. There is a stipulation if you are not at fault for the loss, and you go through the insurance carrier of the at-fault party to get your repairs complete, they should offer you a rental car. Or you can ask for something called "loss of use". Loss of use is a concept wherein you can request payment for the loss of use where you are not able to use your vehicle because it is in the shop for repairs or the vehicle was determined to be a total loss. I will go into more detail on rental vehicles and loss of use in another post.
A deductible is an amount you are responsible for when a loss occurs, regardless of fault. If you choose to go through your own insurance carrier, this amount is owed to the shop of your choice or is subtracted from the total loss payment if your vehicle is determined to be a total loss.
Let's say the damages to your vehicle are $1,500. If you have a $500 deductible, you would pay $500 to the shop and your insurance company would pay anything above $500 to the shop. Most insurance companies will only pay up to the Actual Cash Value (ACV) of your vehicle. I will review the total loss process in a different post. Needless to say though, you would owe the amount of your deductible to the shop in case you are involved in a loss. Remember, you determine your deductible, so do not complain to your insurance claim adjuster when they advise that you owe your deductible to a shop.
Secondly, the place to find your deductible can be found on your declarations page. Your declarations page can most often be found online with your insurance provider. If you access your insurance account on your insurance provider's website, look through your insurance documents on the site. The declarations page will list all the coverages you have paid for with your policy premium. There is a key point there and that point is... The coverages you have paid for with policy premium. If it is not listed on your declarations page, you likely do not have that coverage afforded to you in case of a loss.
An example of this could be that you need a rental car while your car is being repaired from an accident you were involved in. If rental coverage is not listed on your declarations page, you will not be afforded a rental car from your insurance provider. There is a stipulation if you are not at fault for the loss, and you go through the insurance carrier of the at-fault party to get your repairs complete, they should offer you a rental car. Or you can ask for something called "loss of use". Loss of use is a concept wherein you can request payment for the loss of use where you are not able to use your vehicle because it is in the shop for repairs or the vehicle was determined to be a total loss. I will go into more detail on rental vehicles and loss of use in another post.
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