by eyewash

Article by Joyce Racette

The concept of car insurance policy always encounters the term deductible. In fact, the deductibles are one of the most overlooked components within car insurance. When talking about auto cover policies, you are more focused on premiums and coverage while when you are looking for the most affordable and quality car indemnity policy, you tend to focus on discounts or cheap premiums, or the most extensive and comprehensive coverage available with the car insurance.

The people, who overlook deductibles, fall into the trap of availing the cheapest premiums available, only to get disappointed when emergency or accidents come because of high deductibles to be paid.

Car insurance does not mean the amount that they will spend in case of emergency. But the fact remains that in every accident or other cases involving policy claims, you will always have to pay a part of it. And that is deductible is all about.

Deductible is the amount, which you are willing to pay for the coverage, which your car policy gives. Insurance deductibles are the part of your automobile policy, which you are responsible to pay for. However, the amount of the deductible may vary from state to state. And the amount of deductible also depends upon the car insurance policy, which you have opted for. If you have high premiums, it is very likely that you are responsible to pay for lower deductibles.

While with low premiums, you have to pay off high deductibles. Usually, deductibles are ranging from 0, 0, 0 to 00. For instance, if you will be involved in a car accident, and the damage caused amounts to 00, your deductible will be 00, and the insurance company will pay 00, and you are responsible to pay for the rest 00.

But choosing the right amount of deductibles depends upon your needs, preferences, and on your auto insurance company. It is always advisable to consult your budget, and choose the insurance policy, which would have enough coverage and at the same time, offer reasonable deductibles.

As a sensible consumer, you must not overlook the fact to remember that every time you are going to be involved in a car accident or in similar situations, you are required to pay your deductibles. So taking chances will not be feasible enough. Always consult your limitations and be aware on how much you are willing to pay out of your own wallet in case of emergencies.

John Hine, the President of the Hutchison Insurance Agency, a member of The Insurance Alliance of Central PA reviews the basics of insurance deductibles — what they are, how they work, and the benefits and disadvantages of higher deductibles.
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Question by SRW1: Is it possible to declare bankruptcy on auto insurance deductibles?
I was in an accident and I won’t know who will be at fault until I get the police report. If it is me, can I add the insurance deductible to my bankruptcy? I can’t reach my lawyer.
Thanks.
I mean for repairs to the other driver’s car. When my insurance pays for the damages, can I put the deductible in my bankruptcy payments?

Best answer:

Answer by wartz
If you were at fault, you will be responsible for the deductible if you want to get the car out of the repair shop because it will have a mechanics lien and possession of the car.

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