A deductible is the portion of an insurance claim you are liable for before your insurance provider makes a settlement.
Your deductible impacts your monthly premiums. The more you are willing to pay, the less your premiums will be. That said, you should weigh up the difference in the long-term costs should you opt for a higher deductible and lower monthly premium, to ensure it is the best choice for you.
It is important that, when you set a deductible, you take your monthly income and savings into consideration. When opting to pay a larger portion of future claims out of your pocket, ensure that you have sufficient income and savings on hand to support any unexpected expenses.
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