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What's an Insurance Deductible? A deductible is the amount of money you pay out of your own pocket toward a covered claim. You'll typically find deductibles for certain coverages in homeowners, renters and auto insurance policies.

For example, let's say the collision coverage on your car insurance policy has a $500 deductible. You damage your car in a covered accident and it will cost $3,000 to repair. You will pay $500 toward repairs, and your policy will cover the remaining $2,500.

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