0
What happens if you cant afford to pay the deductible of an insurance company?
Wiki User
∙ 7y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What happens if you cannot afford the homeowners insurance deductible?
Normally when you buy a house, you will be required to get home owner's insurance and pay a deductible. If you can pay the deductible, you may lose your homeowners insurance.
What should your Deductible for car insurance be?
Well the higher your deductible, the lower your insurance premium will be. However, your deductible should be something you can afford in case of a loss.
What are the pros and cons of purchasing an insurance plan with a low deductible?
The pros to having an insurance plan with a low deductible would be that you do not have to pay as much money out of pocket if something happens and you need to use your insurance. The con of having a low deductible is that your monthly payment will be higher than if you had chosen a plan with a higher deductible. Generaly, if you are young and healty with very few trips to the doctor, go with a higher deductible. However, be sure you choose a deductible that you can afford to pay in the event something actually does happen to you.
Is it worthwhile if you travel a lot to have a low deductible insurance?
Yes, if you travel a lot it would be helpful to have a low deductible insurance. You would be out of your network most of the time, and in the case of needed medical treatment, you do not want your deductible to be so high that you cannot afford the treatment.
What happens if you cannot afford auto insurance?
Most states require insurance. You should think of auto insurance as part of the cost of owning a car... if you can't afford the insurance, you can't afford the car and shouldn't have one.
If the damage is 800-900 and the deductible is 500 would it better to pay for the repairs instead of filing an insurance claim?
If you have an extra $800-$900 laying around that wouldn't strap you financially, then I would pay for it. If you can only afford the $500 deductible, I would use the insurance, because that's what it there for.
Is loan interest on life insurance tax deductible?
No. Under Section 51(1) of the Internal Revenue Code, the general rule is that interest payments on a loan used to fund a life insurance policy are not deductible. Congress considers life insurance a highly tax privileged form of investment and declines to afford this additional benefit.
What is a Deductible for medical insurance?
A deductible is the amount that the policy holder must pay before any benefits are covered under the plan. Some plans do cover some limited services prior to the deductible being paid, or they may not cover any. It is important to know what your deductible amount is, before you purchase a policy, to make sure that you can truly afford it in the event you need medical services.
What is better to have a lower or a higher Comprehensive insurance?
I'm going to assume you mean a lower or higher comprehensive deductible. A deductible is the portion of the claim that you are responsible for. If the amount of damages comes to $1000 and your deductible is $250, the insurance company will pay $750 and you will pay $250. There are a lot of things to take into consideration. Can you afford a lower deductible as this will mean that your rates will be higher? If you choose a higher deductible and there is a loss will it be hard for you to come up with the amount of money it will take to pay the deductible? Also, do you live in an area that is prone to comprehensive claims? Are there lots of heavy storms with hail that may cause damage to your vehicle? Do you live in an area with lots of flooding? Do you live in an apartment complex where your vehicle might easily be vandalized? Do you live in a rural area where there are lots of deer hits?
What is a recommended auto deductible?
Do the lowest amount that you can afford the normal premiums for.
What are the best deductibles to pay on car insurance?
It is hard to say the best deductible to pay for car insurance since it will vary by person. It depends on how much a person could afford to pay out of pocket if they get into a pocket, and if a person thinks that they would get into accidents often.
How expensive is Stonebridge life insurance?
"Stonebridge Insurance Company offers different types of life insurance policy, from accidental life to regular life insurance. You can base your payments by what you can afford by a simple quote."
