The short answer

A deductible is the portion of an otherwise covered loss that the policy leaves for you to bear, as defined in its terms. Its amount and calculation can differ, so ask the agent to explain the deductible written in your own quotation.

Find the actual wording

Look for the deductible in the quotation, policy schedule and any relevant endorsement. If the quotation uses an unfamiliar expression, ask which policy provision explains it. Do not assume a deductible from someone else’s insurance applies to yours.

A summary on a website is not enough to establish how a particular claim would be assessed. The event, cover, exclusions and other conditions still matter.

Ask how it would be calculated

Rather than remembering a general rule, ask the agent to use your proposed terms in a worked example. Request an explanation of each step, including any minimum amount or percentage if those appear in your quotation.

Keep the example with the quotation and label it as an illustration. It helps explain the wording; it is not a guarantee of a future claim payment.

  • Which part of my cover has a deductible?
  • Does it apply separately to each event or each item?
  • Does a different deductible apply to a particular peril?
  • Where is the calculation written in the proposed policy?

Compare more than the quoted price

When reviewing two quotations, put their deductibles beside their scope of cover, insured values, exclusions and total cost. A lower price alone does not tell you whether the same protection is being offered.

Tell the agent if a term would be difficult for you to understand or manage. Ask which options can be discussed and what changes would mean for the quotation; do not assume a particular alternative is available.

Bring the question to FeelSecure

You can begin by asking, ‘Could you explain the deductible in this quotation?’ Start with a general question and ask how to share any relevant wording privately. FeelSecure’s service philosophy is to make policies, deductibles and exclusions clearer in plain language.

Further reference

This guide is general information. The relevant quotation and policy terms govern actual cover.