Collision and Comprehensive coverages often include a "Deductible." A deductible is the amount you would pay out-of-pocket, up front for the damage to your car. The amount of damage over your deductible will typically be covered up to the actual cash value ("ACV") of your car. Note, your car's actual cash value takes into account the price of your car when you purchased it, as well as the age and condition it's in at the time of the accident. Typical deductibles range between $100 and $1,500. Usually, the higher the deductible you choose, the lower your premium for Collision and Comprehensive coverage will be.

Real life scenario:
You have a collision claim that causes $6,000 in damage to your car, which has an actual cash value of $20,000. When you purchased your collision coverage, you selected a $500.00 deductible. This means you are responsible for paying the first $500.00 of the damages and your insurance carrier will cover the remaining $5,500 in damages.

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