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A deductible, or insurance deductible, is an amount of money the first of which the insurance company will not pay towards the cost of the loss suffered. For example, a $500 deductible means that the insurance company will not pay the first $500 of a loss. Deductibles are made for the purposes of keeping the costs of insurance down by making the insured pay a certain amount of money and not make a claim towards minor losses. If the accident is the other person's fault, either their insurance company will pay that deductible or you can sue them in court.
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