From the course: Financial Adulting
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Deductibles and action steps
From the course: Financial Adulting
Deductibles and action steps
- Okay, so let's talk about high deductibles. Now, high deductibles are not a type of insurance, but they are a part of the insurance on your car, house, and health insurance. A deductible is simply an amount that you tell the insurance company you are willing to pay before they step in to help. So if you have a $1,000 deductible on your car insurance, that means if you get in a wreck that costs $10,000, you will pay the first 1,000, and the insurance company will pay the 9,000. However, if the wreck only costs you $500, then you're going to pay the full $500 because it's below your deductible amount. The higher your deductibles, or the more risk you're willing to retain and pay yourself, the cheaper your insurance is going to be. A really great way to reduce the cost of your insurance is to make sure you have high deductibles on your insurance if you can pay for it. If you have a good, solid, strong emergency fund that…
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