As it pertains to first-party automobile and property
claims (a claim you file with your own insurance company),
the deductible is the amount you've agreed to pay out of
your pocket before your insurance provider pays for any
covered losses. For example, if you suffer a $10,000
covered loss and you selected a $1,000 policy deductible –
you would be responsible to pay $1,000 and your insurance
provider would pay $9,000.