Home Mortgage Can’t manage to pay for your deductibles? Consequences

Can’t manage to pay for your deductibles? Consequences

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It has always been expensive for one to cover his vehicle with insurance. In some cases, one may realize that he needs to pay a $ 500 and even more to your insurance partner even when the claim is incomplete. What if you are unable to contribute for your monthly deductibles? In this article, we are trying to find out everything you would need to know!
For your claim to be complete, you may be required to pay your deductibles
It is important first we make everything clear. For your auto insurance claim to go through successfully, one has to pay for the required deductibles. It is unless you pay all your deductibles for you to receive the money from your insurance company. For instance, if you are unable to pay for your deductible in the required time, you may be forced to seek money to pay for that particular deductible. Or else you may avoid making the claim in totality.
Not All Car Insurance Policies Require Upfront Deductible Payments
It is important for one to understand that there are insurance policies which would subtract the deductibles directly from your claim. A good example is when the car value is assessed to be $16, 000, while you have $500 deductible, it is, therefore, important to note that you may end up receiving payments from your insurance company worth $15,500.It is normally calculated as the actual value for your car less the cost you contribute or you’re deductible.
Is it possible to avoid paying for my deductible?
Normally, there are limited circumstances where one can avoid remitting his deductibles to the insurance company. The only way which this can happen is when one avoids paying for the deductible which has been set and sorts out to deal with a mechanic who will be fixing your vehicle.
It is rare for one to find a mechanic who can accept to waive a deductible from the insurance company completely. As this may be considered uncommon, it may never hurt to ask. Sometimes, the mechanic may be making a lot of money from repairing the vehicle which it could have been waived from the deductibles.


Mechanics Can Legally Keep your Vehicle until the Debt is Paid
It is normally considered legal if you fail to pay your deductibles or avoid re-paying the mechanic to cover for the expenses incurred for repairing that the mechanic can hold your vehicle until when you clear the outstanding charges. Besides, it is legal if one may seek a waiver from the mechanic as it is an acceptable practice.
Get a Loan
Normally, one may find himself in the position where he is incapable of paying for his deductibles. Even if that happens, there are various options which can be considered as well. Some people may find it fine to sell some of their possessions. Others may resort to seeking payday loans until one gets enough money to pay the required deductibles amount.
Advice: Consider to adjust the monthly premiums you take in a bid to lower your deductibles.
Whether one is dealing with auto insurance or health insurance, all your deductibles are prone to changes to the amount you will be comfortable with. Ideally, all your deductibles should be pocket-friendly and affordable. Once you are certain that you are unable to pay comfortably pay $1000 as deductibles, then you should adjust your deductibles. In the event that unexpected happens, you can only pay $500 or $250 deductible.
It is however clear that not all the insurance companies would allow you to consider paying the upfront for your deductibles. It is extremely important for one to check the company policy to determine how it actually works before accepting them.

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