A deductible waiver is a clause within an insurance policy that removes the obligation for the policyholder to pay the deductible under certain conditions. The deductible is the amount that an insured individual is required to pay out-of-pocket before the insurance company covers the remaining costs of a claim. When a deductible waiver is in place, it means that the policyholder will not have to pay this predetermined amount if a claim is filed under specific circumstances outlined in the policy. This waiver is commonly found in auto insurance policies where the insurer agrees to waive the deductible if the insured vehicle is involved in an accident with another vehicle insured by the same company. However, the exact conditions for when a deductible waiver applies can vary widely depending on the insurance provider and the policy in question. It is a beneficial feature for policyholders, as it can reduce the financial burden in the event of a claim.
Menu