Contact us:  (978) 562-3464
Thomas E. Sears Insurance Agency, Inc.
  • Home
    • Home - Main St. Hudson
  • Quotes
    • Request a Quote
    • Car Insurance Quote
    • Homeowners Insurance Quote
    • Business Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Information
    • Change My Policy
    • Certificate of Insurance
    • Contact My Carrier
  • Products
    • Car Insurance
    • Homeowners Insurance
    • Small Business Insurance
  • Blog
  • About
    • Staff
    • Resources/Affiliations
    • Insurance Carriers
  • Locations
  • Home
    • Home - Main St. Hudson
  • Quotes
    • Request a Quote
    • Car Insurance Quote
    • Homeowners Insurance Quote
    • Business Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Information
    • Change My Policy
    • Certificate of Insurance
    • Contact My Carrier
  • Products
    • Car Insurance
    • Homeowners Insurance
    • Small Business Insurance
  • Blog
  • About
    • Staff
    • Resources/Affiliations
    • Insurance Carriers
  • Locations

What is a Deductible and how does it Work?

2/4/2015

0 Comments

 
MA car and home insurance deductible
 When you purchase a MA car insurance or MA homeowners insurance policy, you'll be given a choice of what deductible amount you want to carry.    So.. what exactly is a deductible and how does it work?  Let's break it down:
What is a car insurance deductible?  The deductible is the amount that you will absorb to fix the damage to your car if you are in a collision that is YOUR fault. Having a deductible reduces your premium.  The higher the deductible, the less your premium is.  A standard MA car insurance deductible is $500 but often times people go with a $1,000 deductible to reduce their premium even more. 
What is a homeowners insurance deductible?   A MA homeowners insurance deductible again is the amount you will absorb in the event of damage to your home.  A standard MA deductible is $500 or $1,000 but a higher deductible can be purchased.  The higher the deductible, the less your premium.


How does a car insurance deductible work?  If you are involved in a collision that is YOUR fault, this is the amount that you will pay first to fix the damage to your car.  For example, it the collision results in $1500 worth of damage to your car and you have a $500 deductible, the insurance company will pay out $1,000 to you ($1500 minus your $500 deductible).  There is NO deductible if the collision is NOT your fault.  The other party's insurance company will pay out the damage to you 100%.  There is also NO deductible for any liability portion of a car insurance claim (for example, any medical payments that your insurance company pays out to the other party).  If it's a very minor collision (that you caused) and only results in $300 worth of damage to your car, the insurance company will not pay anything because you have to meet your $500 deductible first.  The deductible also comes into play for a comprehensive claim.  Comprehensive coverage covers damage to your vehicle caused by fire, theft, vandalism, falling objects, water, flood, explosion, earthquake, windstorm, hail, riot or contact with a bird or animal.  It also covers glass damage.  Typically your deductible is the same for comprehensive as what it is for collision - usually $500 or $1,000.   The good news is that in Massachusetts, you don't have to have a glass deductible.  So, as long as you carry comprehensive coverage, you can fix or replace your windshield at no extra cost ( no deductible)!
How does a homeowners insurance deductible work?  A homeowners insurance deductible works the same way as a car insurance deductible.  Let's say your roof leaks and causes $2500 worth of damage to your walls and carpet.  You have a $500 deductible.  The insurance company will pay out $2,000 ($2500 minus your $500 deductible).  There are other factors that can determine exactly how much will be paid out but generally, this is how it works.  Again, there is NO deductible for a liability claim.  For instance, if your neighbor trips on your property and decides to sue you.

We hope this has helped you understand more about MA car insurance and MA homeowners insurance deductibles.  It can be very confusing!  We're always here to help and to educate our clients so please contact us at (978) 562-3464 if we can be of assistance to you.  Or reach out to us on our website:  www.tesearsinsurance.com.

Thomas E. Sears Insurance Agency, Inc.

Check out or "live chat" feature on our website!  
0 Comments



Leave a Reply.

    Contact Us

    Main Office
    34 Pope St.
    Hudson, MA 01749
    (978) 562-3464


    Archives

    March 2020
    February 2020
    November 2019
    June 2019
    May 2016
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014

    Categories

    All
    Auto Insurance
    Home Insurance
    Insurance Coverage
    Life Insurance
    Maintenance/Safety
    Renters Insurance
    Wedding Insurance

    RSS Feed

MENU

Home
Request a Quote
Policy Service
Insurance Products
Contact Us
Agent Login

FOLLOW US

CONTACT

Review Us on Yelp
Main Office
34 Pope St. Hudson, MA  01749
(978) 562-3464
Click Here to Email Us

Image banner: Main Street, Hudson Massachusetts by John Phelan (CC BY-SA 4.0)