When you're involved in an accident, you may be wondering if you'll get refunded your deductible. The answer is yes, as long as the claim is resolved and it is determined that you were not at fault. Your insurance company will pay for your damages, minus your deductible. The insurance companies involved will determine who is at fault and if you are not at fault, your deductible will be returned.
A deductible is the amount of money you are responsible for paying to cover an insured loss. When a disaster occurs in your home or you have a car accident, the deductible is subtracted or deducted from what your insurance pays to cover a claim. Deductibles are how risk is shared between you, the policyholder, and your insurer. Once fault is determined, your insurance company will recover the expenses from the at-fault driver's insurer and reimburse your deductible.
It's important to understand how deductibles work and how they can affect your insurance premiums. Knowing this information can help you make informed decisions about the type of coverage you need and how much of a deductible you can afford. It's also important to remember that if you are found to be at fault for an accident, you may not be eligible for a refund of your deductible.
