Question about Insurance Deductible Notation

cool_aquariancool_aquarian Member 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 Moderator Posts: 218,413

    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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  • js06gvjs06gv Member Posts: 456
    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.

    2019 Jeep Wrangler Rubicon, 2019 Ford Mustang GT Premium, 2016 Kia Optima SX, 2013 Ford F-150 King Ranch, 2000 Pontiac Trans Am WS6, 2001 Kawasaki Vulcan 800 Classic

  • cool_aquariancool_aquarian Member Posts: 15
    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 Guest Posts: 52,454
    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 Moderator Posts: 218,413

    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?

    Edmunds Price Checker
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  • houdini1houdini1 Member Posts: 8,269
    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

  • cool_aquariancool_aquarian Member Posts: 15
    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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