|
|
Services |
|
| Home | Corporate | Agents | Products | Services |
| Services: | Calculators | Claims | eBrochures | eNews | FAQ | Greeting Cards |
Michigan's Insurance Company
|
FAQ - Claim Related What is a deductible A deductible is the amount of damages that you agree you will be responsible for if you have a claim. Most insurance policies have a deductible which states that a portion of the amount paid for the loss will be subtracted (deducted) from the amount the insurance company would otherwise pay. This amount is not paid to the company, it simply becomes your share of the loss and is deducted from the payment. Why do I have a deductible? Deductibles serve several functions. Shifting the cost of small claims to the person buying the insurance (insured) enables the insurance company to reduce premiums. Adjusting claims for small amounts often costs more than the dollar amount of the claim. The cost of insurance would be much higher if there were no deductibles. The higher the deductible, the lower the premium. Do I have a deductible on my policy? How much is it? Please check your policy or contact your agent to see if you have a deductible and how much it is. |
|
Home
| Corporate
| Agents
| Products
| Services
Site Index |
||
|
Copyrights, Disclosures, Disclaimers
Privacy Notice |