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In an insurance policy, the deductible or excess is the portion of any claim that is not covered by the insurance provider. It is normally quoted as a fixed amount and is a part of most policies covering losses to the policy holder. The deductible must be "met", that is, paid by the insured, before the benefits of the policy can apply. Wikipedia does not have an article with this exact name. ... Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 150 languages. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...

In a typical automobile insurance policy, a deductible will apply to claims arising from damage to or loss of the policy holder's own vehicle, whether this damage/loss is caused by accidents for which the holder is responsible, vandalism or theft. Third-party liability coverage generally has no deductible, since the third party will likely attempt to recover any loss, however small, for which the policy holder is liable. Auto insurance is insurance consumers can purchase for cars, trucks, and other vehicles. ... In an accident resulting from excessive speed, this concrete truck rolled over into the front garden of a house. ... Vandalism is the conspicuous defacement or destruction of a structure, a symbol or anything else that goes against the will of the owner/governing body. ... A young waif steals a pair of boots “Stealing” redirects here. ... In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage. ...

Most health insurance policies and some travel insurance policies have deductibles as well. Typically, a general rule is: the higher the deductible, the lower the premium, and vice versa. The type of health insurance deductibles can also vary, as individual amounts and family amounts. Major medical insurance policies are known for often having a deductible which does not cover the cost of routine visits (e.g., to a doctor's office). Health insurance is a form of group insurance, where individuals pay premiums or taxes in order to help protect themselves from high or unexpected healthcare expenses. ... Travel insurance is insurance that is intended to cover financial and other losses incurred while travelling, either within ones own country, or internationally. ... This article is actively undergoing a major edit. ...

For example, a person might have an auto insurance policy with a $500 deductible on collision coverage. If this person were in an accident that did $800 worth of damage to the car, then the insurance company would pay him or her $300. The insured is responsible for the first $500 of damage (the deductible), and the insurance company pays the balance.

There are also deductible reimbursement programs that reimburse a deductible in the event of an auto, home, or health insurance claim.