Deductible
The share of the loss you bear yourself.
The deductible (excess) is the amount you pay yourself in the event of a claim; the insurer covers the rest. A higher deductible lowers the premium. For small losses, it is often not worth filing a claim.
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General explanation for self-help, not legal advice (RDG). Individual cases may differ: if in doubt, contact a consumer advice center or a lawyer.