Auto Insurance Deductible Notation

[cool.aquarian]

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..

 

[kgamarketing]

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: [*]Dollar Amount like: $500 or $1000 [*]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..

Not sure where or what youre looking at but it should always be dollar amount.

 

[cool.aquarian]

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

 

[djs]

I'm pretty sure they mean the deductible per each occurrence. Unlike healthcare, its not an annual deductible. Its a strange way to show it, but they are trying to make a point.

In general, assuming I'm reading this right, if you rear-end someone, panic, backup and back into someone, that is 2 occurrences, or, 2 accidents. You would pay the deductible for each one of them.

Dan

 

[nonstandard4me]

Do you have more than one vehicle on policy? Could be referencing vehicle 1 of several on the quote. It is very shorthand if that's what it is but I've seen companies do this in all sorts of different ways.

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DJS makes a good point too though.

 

[ZappMan]

Hi,
...
Have been shopping for Auto Insurance recently, and have noticed that Comprehensive/Collision Deductible are mentioned in two forms:
...Have googl'ed around but was unable to find an answer.
Could someone tell if there is any difference between the two ?

Thank you..

How did your agent explain it to you?