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Some types of coverage are not subject to a deductible. Liability, for example, is always paid out at one hundred percent by the insurance company. Uninsured motorist coverage, which covers your vehicle for damage caused by an under or uninsured driver, is another coverage that is typically not subject to a deductible although some exceptions may occur.
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Contrary to popular belief, a deductible is not paid to the insurance company. For auto claims, the deductible will be paid to the auto body shop that repairs your vehicle. With property claims, the deductible is paid out to the contractor or restoration company that repairs your property. With personal property claims, such as theft, the deductible amount is simply subtracted from the check your insurance company issues to help pay for the items to be replaced.
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The most common reason people opt for higher deductibles is to save money. Unfortunately, not everyone considers how a higher deductible could affect their finances later. Although an increased deductible will free up a small amount of money on your monthly premium, it could cause problems later if you have to struggle to get the cash for your deductible.
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Occasionally, individuals will with ample savings will use a larger deductible because they know if they need to file a claim, they have enough in their savings to cover their out-of-pocket expenses. Since having a higher deductible lowers your premium, these policyholders will save more money in the long run. Some people choose to take the difference in premium and add it back to their savings. For example, imagine you select a deductible of $1,000 rather than $500 and it saves you $25 a month on your premium. If you take the money you saved and put it into a savings account, it would take 20 months, or almost 2 years, to save enough to pay for the cost difference.
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