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The premium is what you pay for the policy. The deductible is what the insurance company will not pay for what is covered. For example you buy a car policy for collision. You pay the premium of $50. If you crash the car, the company will not pay any thing less than the deductible. If the deductible was $1000 and you sustained $1500 damage, the company would pay you $500. If the damage was less than the deductible, you get nothing.
Collision pays to have your car fixed if it is damaged in a collision with another vehicle. There is usually a deductible that you have to pay.
Its considered a collision loss. If you have Collision coverage your car would be repaired less your deductible. Your insurance carrier will also pay for property damage you may have caused in the collision. If the collision is with a animal it could be considered a comprehensive loss.
After you meet your deductible
If you had a collision and the other party does not have insurance, you would have to pay the deductible. Your insurance company would pay for any needed repairs.
You are able to chose your own deductible, but you have the car financed or leased, they may dictate the maximum limit.
not sure what 'deal with '' means, you chose your deductible when you buy the policy (higher the deductible lower the premium on coll and comp)..if your collision or comprehensive coverage are used (regardless of fault) then your deductible will apply.........
The California Collision Deductible Waiver (CDW) is coverage which waives your collision deductible if you are hit by a negligent uninsured motorist. The CDW option with a personal auto insurance policy in California pays your collision deductible when you carry collision coverage on a vehicle that is damaged by an uninsured or hit-and-run motorist who is at fault. Coverage typically applies only when there is actual physical contact and when you can identify the uninsured driver or vehicle. Some insurance companies will not even talk about the coverage even if it is included in your policy until you bring it to their attention.
The term is "deductible". It is payable as to collision and comprehensive claims. The deductible is chosen by the insured when the insurance is initially purchased.
If you do not have an uninsured motorist property damage coverage, your collision might be used to pay for the repairs to your car, in which case your collision coverage deductible will be used.
State Farm does offer collision insurance to customers. State Farm requires a deductible for this type of insurance.
There is not deductible with liability insurance coverage. Liability pays the party who is not fault for their damages without a deductible. If you were at fault collision would pay for damages to your vehicle but you will have a deductible of whatever you selected when you purchased the insurance policy.