If you cause a car accident, the type of insurance that will require you to pay the least out-of-your-pocket is a low deductible plan.
A low deductible plan is the type of insurance plan where the person that is insured is required to pay a low amount of out-of-pocket expenses. In this type of insurance, the insurance policyholder contributes a minimum while the insurance company covers most of the expenses.
<h2>Further Explanation</h2>
However, out-of-pocket-expenses are the amount or the costs that a person spends out of the money they have. Out-of-pocket-expenses are commonly used to qualify the amount of money an employee spent in carrying out some duties for his company. However, out-of-pocket-expenses money may or may not be refunded.
Out-of-Pocket Expenses are also used to describe a cost that a policyholder must pay for health insurance and also include coinsurances, copays and many more.
In health insurance companies, out of pocket expenses are part of the bill that the insurance company is not responsible for. It is the amount of money that an individual or a policyholder must cover.
Therefore, if you cause a car accident, the type of insurance that will require you to pay the least out of your pocket is a low deductible plan.
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KEYWORDS:
- car accident
- insurance
- the least out of pocket
- health insurance
- policyholder
