Auto Insurance Deductible Notation

Discussion in 'Auto Insurance Forum' started by cool.aquarian, Jun 24, 2015.

  1. cool.aquarian
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    cool.aquarian New Member

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    Hi,

    I have a (newbie) question about Auto Insurance Comprehensive/Collision Deductible.
    Have been shopping for Auto Insurance recently, and have noticed that Comprehensive/Collision Deductible are mentioned in two forms:

    1. Dollar Amount like: $500 or $1000
    2. Ratio like 1:500 or 1:1000

    Have googl'ed around but was unable to find an answer.
    Could someone tell if there is any difference between the two ?

    Thank you..
     
  2. kgamarketing
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    kgamarketing Expert

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    Not sure where or what youre looking at but it should always be dollar amount.
     
  3. cool.aquarian
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    cool.aquarian New Member

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    Attaching screenshot(AutoInsurance_Limits.png) of the Insurance Quote I received with this post.
    Hoping this helps in understanding my question.
     

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  4. djs
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    djs Super Moderator Moderator

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    I'm pretty sure they mean the deductible per each occurrence. Unlike healthcare, its not an annual deductible. Its a strange way to show it, but they are trying to make a point.

    In general, assuming I'm reading this right, if you rear-end someone, panic, backup and back into someone, that is 2 occurrences, or, 2 accidents. You would pay the deductible for each one of them.

    Dan
     
  5. nonstandard4me
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    nonstandard4me Expert

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    Do you have more than one vehicle on policy? Could be referencing vehicle 1 of several on the quote. It is very shorthand if that's what it is but I've seen companies do this in all sorts of different ways.

    ----------

    DJS makes a good point too though.
     
  6. ZappMan
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    ZappMan Expert

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    How did your agent explain it to you?
     
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