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Effect on Claims
You pay the deductible first before the insurance company kicks in the balance of the cost of repairs. If your vehicle needs $3,000 of work, and if you have a $500 deductible, you would pay $500 to the repair shop and your insurer would pay $2,500. If the repairs cost $450 and you have a $500 deductible, you pay the entire bill. Deductibles typically apply to the collision and comprehensive coverages of your policy. If you have gap insurance -- the coverage that pays out if your car is worth less than the loan you have against it at the time it’s totaled -- this might also have a deductible.
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