Insurance Q&A Series - What is a Deductible?
An Insurance deductible is the portion of a claim the client is responsible for paying.
It can be expressed either as a specific amount for each claim or as a percentage such as 5%.
It can be important to remember that a deductible is only one potential deduction at the time of a claim and there are other deductions that may apply in different scenarios such as:
Co-Insurance Penalties, Depreciation (Actual Cash Value), Taxes (Usually for GST registered companies) among others.
Contact Monarch Insurance Brokers today for a free consultation on potential gaps in your current coverage and unexpected deductions from your claim.
Contact Monarch Insurance Brokers for more information.
780-422-0568 | monarch@monarchins.com
How a broker can help
More than 200 companies provide insurance to consumers in Canada, each offering its own unique coverage and expertise. It can be frustrating and confusing to compare different insurance products on your own.
An independent insurance broker is your best ally. They do the legwork to find you the best insurance coverage at a price you can afford and at no additional cost to you as they are paid by the insurance companies.