This may be a very stupid question..but..

[mineroller]

...don't throw rocks at me for asking this..



what does "deductible" mean?
I have $1,000 deductible for collisions, fire or theft..
i still don't understand what such "deductible" really means.
can someone please clarify them..?

 

[joka1]

if you get into an accident that is your fault you pay the first 1000 of the damage, insurance pays the rest

 

[JCell]

does it even have to be your fault? i though deductable was what you paid regardless of fault

 

[cyc]

Usually, when you are not at fault. The other's driver's insurance is gonna pay for your deductible.

 

[Metal MP5]

are you sure ? i thought the "its not my fault so i dont pay" thing was over ?

if im sitting at a red light and someone crashes into me, he shouild have to pay for everything. thank god nothing happened to my car yet, cuz i would hate having to claim 2000$ or something to my insurance. being 21 years old with a Speed, insurance are expensive enough as it is

 

[mineroller]

hmm..so..
let say someone crashed into my back when i am at red light, and I get $1500 bill for repair. then I pay the $1000, then my insurance pays 500, then the other guy's insurance will refund my $1000? is this how it works?
it's kinda confusing..someone make an good example and educate me..

also, if an accident isn't your fault, do they still raise your premium?
i feel insurance guys are like dealers..trying to suck every penny out of you..

 

[I_Vtec]

*hurls rock at mineroller*

 

[cyc]

hmm..so..
let say someone crashed into my back when i am at red light, and I get $1500 bill for repair. then I pay the $1000, then my insurance pays 500, then the other guy's insurance will refund my $1000? is this how it works?
it's kinda confusing..someone make an good example and educate me..

also, if an accident isn't your fault, do they still raise your premium?
i feel insurance guys are like dealers..trying to suck every penny out of you..

Actually, I think your insurance will call the other guy's insurance for the deductible.

 

[Metal MP5]

they can still raise your premium if they want too ... it happened to a guy i work with. a woman with a minivan hit his car while it was in the parking lot at work. she admitted full responsability, his insurance said the accident wouldnt change anything, but his premium went up anyway, stating something else as a reason. what a coiincidence (the guy is like 32yo so premiums shouldnt go up like that on a 6 year old civic)

 

[cyc]

True...
apparently, the insurance gives you 1 chance only before they raise the premium. That's what I heard anyways. And people told me that unless it's really serious.. dont' bother claiming insurance cuz you'll end up paying back for it anyways.

 

[Mikey444]

are you sure ? i thought the "its not my fault so i dont pay" thing was over ?

if im sitting at a red light and someone crashes into me, he shouild have to pay for everything. thank god nothing happened to my car yet, cuz i would hate having to claim 2000$ or something to my insurance. being 21 years old with a Speed, insurance are expensive enough as it is

Just out of curiousity, how much do you pay for your insurance?

 

[Mikey444]

i feel insurance guys are like dealers..trying to suck every penny out of you..

They are

 

[pb4ugoout]

i got rear-ended not to long ago. luckily his insurance and my insurance are the same. so rather than fighting with themselves they took care of everything. not sure if it was a special circumstance because we had the same insurance but i didn't have to pay a dime and my insurance didn't go up a penny. and mineroller...are you still paying for your car? cuz if you are you better watch out. 99% of banks require you to keep a deductable of $500 or less while you are paying on your loan. just be careful about who you tell that too.

 

[SKY]

$1000 deductible seems a lot to me, and the difference between 500 or 1000$ deductible doesn't change a lot...

No, you don't have to pay anything if its not your fault and the insurance not suppose to raise your premium, as it's the other guy's insurance who gonna pay all of it.

 

[mineroller]

So..Less deductible is better?? I thought higher number was a better thing..crap.
and yes i am still paying for my car and i never heard of such deductible requirements...thanks for letting me know. I shall remain very quite and be very careful....

 

[Red Baron]

My knowledge is that it's YOUR insurance that pays for damages on YOUR car even if your not at fault. YOU pay the deductible even if your not at fault.

If you have a good record for 2 years, you get a clean slate. If you've had too many tickets (speeding, no stopping, etc.), you will pay a higher premium. You would pay a higher premium if your deductible is lower. If you've had to many claims in a certain period of time, insurance companies become nervous and charge WAYYYY more, you may even not be able to get insurance (unless you pay 2 or 3 times the regular premium).

Whatever happens, YOU end up paying through your nose...

 

[JCell]

My knowledge is that it's YOUR insurance that pays for damages on YOUR car even if your not at fault. YOU pay the deductible even if your not at fault.

that's what they told me as well

 

[REMillers]

Check your local area to see exactly what happens in accidents, some states here are always at fault-Meaning no matter what you are at fault. Someone rear ends you then it is both your faults. It makes insurance really high since no matter what both companies pay.

 

[SKY]

Well, some kid ended my rear bumper last year, he agreed to pay me cash instead to report to insurance, but later he said he has no Cash, then I just call my insurance and gave all that guy's info and insurance info.

It cost around 350$ and I don't need to pay any deductible nor any raise on my insurance + I also get a free car rental while my car is in garage.

Thats my experience.

 

[REMillers]

Least in the Virginia/DC/Maryland area they can not raise your rates if it is not your fault. Sure if you make Alot of claims they may raise it but it would probably have to be a good number.
Now heres a little tibit for you home owners; If you call your homeowners insurance and just inquiry about a claim they CAN drop you outright if you make to many. This doesn't mean you are asking them to make a claim, but just asking questions about it.
1.Hey my dog ate a pen is that covered.
2.There was some wall damage for (insert reason), is that covered.
etc.