Why is it so important to verify the deductible before buying insurance?

In the language of vehicle insurance there are not so simple terms that people do not usually understand the former, and that is why they sometimes end up hiring products that do not really suit them at all.

One of these terms is the deductible, which is the percentage that the insurance holder must pay when using it.

But how does it work?

But how does it work?

Let’s say you have an accident and need a change of moons. When using your insurance for repair, you should check how much is the percentage that corresponds to the deductible.

Suppose it is 15%, it means that the insurer will pay 85% of the expenses and that you must cover the remaining 15%.

All cases and not always have the same percentage

All cases and not always have the same percentage

The deductible does not apply in all cases and does not always have the same percentage, even some insurers use specific amounts and no matter how much the account goes out, the client only has to pay that amount.

That is why one of the main criteria to consider when looking for insurance has to do with the deductible. Ideally, verify how much and how it applies to the coverage you will hire.

If you hire a very high deductible

If you hire a very high deductible

the insurance price may be reduced, but you should keep in mind that, at the time of using it, you will have to disburse that money because otherwise the insurer will not continue with the payment. On the other hand, if you hire a very low deductible, the price of your policy could increase and leave you in financial trouble during the following months.

Ideally, choose an intermediate amount that allows you to use your insurance without problems. The percentages corresponding to the deductible will vary from insurer to insurer and a practical way to choose is to compare all available options. This can be done using comparators like Good Finance.