On many occasions we contract insurance policies, it is there when we hear a variety of terms that are part of the contract conditions, to which we do not pay due interest, becoming details that could cause us to find ourselves with unpleasant surprises at the time of an accident. .
That is why it is important to know about the deductible and coinsurance, how they affect you and how they benefit you, important elements to take into consideration to assertively choose the insurer and the insurance that meets your expectations and requirements.
What is the deductible?
We understand as deductibles in insurance the amount that you must pay, at the moment of requesting the activation of the insurance policy, as a previous step for the insurance company to respond for the remaining coverage. They are established depending on the clauses of the contract, and may be in fixed amounts, days or percentages based on the total policy.
The terms of the deductible are located in the insurance contract in a section called Conditions, where it is explicitly detailed how the coverage of the insured good or service will be. For this reason, it is important that the characteristics of the contract are agreed upon prior to signing, since you will not be able to modify conditions that have not been included in the contract with the insurance company.
The deductible is applied to those policies that cover general or patrimonial risks such as home insurance, vehicles, fire, construction, among others, as well as health. You can quote insurance on this website.
Aspects to take into account in relation to deductibles
There are aspects from the economic point of view that you should take into account:
- As a general rule, the higher the deductible amount, the lower the premium payment will be.
- Insurance that includes a deductible is more accessible, because the risk is shared between the insurance company and the client.
- In the insurance market there are policies without deductibles, but in this case the insured must pay high amounts in premiums.
What do insurers offer in terms of deductibles?
In Peru there is a wide range of insurance services to cover the various needs of clients, who decide according to their particular conditions to acquire a policy with or without a deductible, in health, life or property policies.
In insurance without deductible or zero deductible, the insurer assumes full coverage in the event of an accident, therefore, the insured does not cancel any amount in case he needs to activate the insurance policy. But the client must be clear that in these cases the insurers incur high operating costs, therefore, the client will have to pay considerably expensive premiums. While the advantage will be that you do not have to worry about other cancellations at the time of an accident, the insurer is obliged to cover the compensation in full. As well as, in the case of policies with deductibles, they can offer you the option of increasing them, to reduce the cost of the premium.
What is coinsurance?
It is an instrument through which insurance companies distribute the coverage of certain claims among several responsible parties.
It is a definition that offers two aspects, depending on the context in which it is applied, since it is included in an insurance policy, an amount is established as a percentage between 10, 20 and 30%, which will be covered by the insured in the event of an accident on an asset classified as high risk.
The other application is used for high-cost risks, such as air accidents, insurance of works of art, industrial plants, service companies and other assets of great patrimonial value, in which cases two or more insurance companies assume the coverage, according to the contracted risk and where each insurer responds proportionally. It must be at the request of the insured party, who must know which companies assume the insurance policy.
Coinsurance has the importance of allowing high insurance costs to be distributed among several companies, thus relieving the operational burden and allowing the insured a greater level of confidence in terms of coverage of high-value goods, as well as the return of the insured amounts. in case of accident.