I have a $500 reductible? does this mean the insurance company pay this back to me after an accident?

Question

I have a $500 reductible? does this mean the insurance company pay this back to me after an accident?

Answer 1

It means you pay $500 out of pocket and anything beyond that is covered by the insurance company.

So if damage to your car is $1500 then you pay $500 and the insurance company pays $1000.

Answer 2

It means that you are responsible for paying the first $500 and the insurance company will pay the rest. Ie: You're car gets a scratch or dent, you'll pay $500 towards the repairs and the insurance company will pay the rest if required.

Answer 3

No.  A deductible is the amount out of your pocket, before your insurance kicks in.

Answer 4

you mean a deductible? That means you are responsible for $500.00 out of your pocket when having an accident, the rest the insurance pays.

Answer 5

I believe that you mean Deductible.  A deductible is what you pay first before the insurance company starts to pay.

Answer 6

Do you mean deductible?  That is the amount that you have to pay out of pocket before the Insurance company pays anything.  

It means  you pay $500 and they cover the rest.