EV insurance glossary
Deductible (or excess)
The part of a covered claim that the policyholder is responsible for, as described in the policy.
A deductible is the amount a policyholder may have to pay toward a covered claim before the insurer pays its portion. Excess is a term often used for a similar concept in markets such as the United Kingdom.
The amount, when it applies and how it interacts with a particular loss depend on the policy. Some policies have different amounts for different coverages or events, so compare the written schedule rather than just the premium.