How does the Insurance Claim Deductible work in case of a claim?

What is the Insurance Claim Deductible?

The Insurance Claim Deductible refers to the part of the loss that the insured person (driver) is responsible for covering in the event of a claim (road accident) where the driver is at fault or shares the blame. In other words, the insurance company only pays for losses above a certain amount, and any amount below the Insurance Claim Deductible value must be paid by the customer.

The Insurance Claim Deductible serves as a means to share the risk between the insured and the insurance company. By including a deductible in their policy, the insured agrees to assume part of the loss as an incentive to adopt responsible driving and preventive measures against claims.

Practical Examples

  1. Imagine a driver with a €600 Insurance Claim Deductible who had an accident due to his own fault. The total damages resulting from this accident amounted to €1000. In this case, the driver is responsible for paying €600 (the Insurance Claim Deductible amount), while the insurance company covers the remaining €400.

  2. Consider the same driver having another at-fault accident, but this time the damages amount to only €300. In this scenario, the driver is responsible for paying the entire €300.

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