Deductible
The deductible is the amount the policyholder must pay out of pocket before the insurance company pays a claim.
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Detailed Explanation
The deductible (also called excess) reduces the insurance premium because the insured bears part of the risk themselves.
Types of deductible: - Absolute: Fixed euro amount per claim - Percentage: Share of the claim amount - Combined: Minimum amount plus percentage
Where it applies: - Comprehensive car insurance: 150-500 EUR typical - Private health insurance: Annual deductible possible - Household contents insurance: Depending on policy - Legal expense insurance: Usually 150-300 EUR
Advantages: - Lower insurance premium - Avoidance of minor claim reports - Personal responsibility of the insured
Disadvantages: - Financial burden in case of claims - Not sensible with many small claims
Practical Example
With comprehensive car insurance with a 300 EUR deductible, the insured pays 300 EUR themselves for a parking damage of 800 EUR, the insurance covers 500 EUR.
Legal Basis
§80 VVG (Insurance Contract Act)