What is a car insurance deductible (and how to pick one)?
A deductible is the amount you pay out of pocket on a claim before insurance covers the rest. Choose a $500 deductible and a $3,000 repair, and you pay $500 while the carrier pays $2,500.
The trade-off
A higher deductible means a lower premium, but more out of pocket when you file. A lower deductible costs more monthly but cushions you at claim time. Pick the highest deductible you could comfortably pay tomorrow if you had to.
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