Banky team Reviewed editorial answerThe deductible is the portion of the loss or repair cost that you are responsible for paying in addition to the insurance company's payout, depending on the policy.
Key points
It can be a percentage of the claim value, a fixed amount, or vary depending on the type of accident.
Read the deductible terms and exclusions before purchasing a policy; cheaper insurance with a high deductible may end up costing you more in the event of an accident.
The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.