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Question about Insurance Deductible Notation

cool_aquariancool_aquarian Posts: 15
edited June 2015 in General
Hi,

I have a (newbie) question about Auto Insurance Comprehensive/Collision Deductible.
Have been shopping for Auto Insurance recently, and have noticed that Comprehensive/Collision Deductible are mentioned in two forms:
  1. Dollar Amount like: $500 or $1000
  2. Ratio like 1:500 or 1:1000
Have googl'ed around but was unable to find an answer.
Could someone tell if there is any difference between the two ?

Thank you..

Comments

  • MichaellMichaell ColoradoPosts: 94,113

    Hi,

    I have a (newbie) question about Auto Insurance Comprehensive/Collision Deductible.
    Have been shopping for Auto Insurance recently, and have noticed that Comprehensive/Collision Deductible are mentioned in two forms:

    1. Dollar Amount like: $500 or $1000
    2. Ratio like 1:500 or 1:1000
    Have googl'ed around but was unable to find an answer.
    Could someone tell if there is any difference between the two ?

    Thank you..
    I've never seen the second format (1:500) used after 35 years of being insured.

    Let me see if I can round up some help for you ....

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    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • js06gvjs06gv Frisco, TXPosts: 447
    I have worked on the claims side of the insurance industry for 21 years and have only seen dollar amounts such as in your first example. Sorry I couldn't be of more help.

    2016 Kia Optima SX, 2015 Ford Mustang GT, 2013 Ford F-150 King Ranch, 2000 Pontiac Trans Am WS6, 2001 Kawasaki Vulcan 800 Classic

  • Attaching screenshot(AutoInsurance_Limits.png) of the Insurance Quote I received with this post. I have highlighted the Deductibles in red color.
    Hoping this helps in understanding my question.


  • steverstever Posts: 52,683
    edited June 2015
    Geeze, almost looks like a typo and there should be commas for the deductibles (i.e., $1,500). Never seen that before either. Try asking the insurer for clarification.
  • MichaellMichaell ColoradoPosts: 94,113

    Attaching screenshot(AutoInsurance_Limits.png) of the Insurance Quote I received with this post. I have highlighted the Deductibles in red color.
    Hoping this helps in understanding my question.


    Is this for a specific insurance company? If so, which one? Have you gone to that company's website and searched for that notation to see if there is any sort of explanation?

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • houdini1houdini1 Kansas City areaPosts: 7,909
    edited June 2015
    My guess would be that it just means $500. per claim. No idea why it is portrayed the way it is. Let us know what you find out.

    2013 LX 570 2016 LS 460

  • Michaell said:


    Is this for a specific insurance company? If so, which one? Have you gone to that company's website and searched for that notation to see if there is any sort of explanation?

    It's from AAA Insurance.
    There is nothing on website regarding this notation.
    An agent provided this notation in the Quote only after I complete the online application and asked what all is covered.
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