The deductible is a typical element in some insurance policies or contracts, (especially in damage and health insurance) although it is not regulated in our Code of Commerce.
If we had to define in a brief and simple way what a deductible is, we could say that it is the amount of money that the insured must pay on his own account and with his own funds, before the insurer covers the indemnity agreed in the policy.
The deductible has several purposes, among which are:
It allows premiums to be lower since the insured assumes part of the risk; and by having to pay the agreed deductible in the event of a loss, the insured effectively shares the cost of the loss with the insurer. This may motivate the insured to avoid unnecessary claims (for example, if the cost of the damage is lower than the deductible, thus reducing the volume of claims that the insurers process), and encourage him to take good care of the insured property by taking measures to avoid the occurrence of losses since, should they occur, the insured would have to cover his portion before the insurer covers its portion.
In simple terms, the deductible acts as a kind of coinsurance that the insured assumes in the event of a loss. As an example, if the insured has an automobile insurance policy with a deductible of B/.1,000 and suffers an accident that causes a loss of B/.2,000, the insured must pay the first B/.1,000 before the insurer covers the remaining B/.1,000.
The deductible is agreed upon in the policies and can normally be found on the first page or title page, commonly called the particular conditions. The amount of the deductible is agreed upon when the insurance contract is signed and may vary according to the type of insurance and what the parties freely agree upon. This deductible may be agreed as a fixed amount, or as a percentage of the amount covered for a specific risk or coverage sub-limit. insurance contract y puede variar según el tipo de seguro y lo que las partes convengan libremente. Este deducible puede ser pactado como suma fija, o bien como un porcentaje sobre la suma cubierta para un riesgo específico o sublímite de cobertura.
The determination of the deductible, and especially its amount, has an important impact on the insurance premium. A higher deductible will normally imply a lower premium, but on the other hand, it will also imply a higher disbursement by the insured in case of a claim. Similarly, a lower deductible will result in higher monthly premiums, but the outlay to be made by the insured in the event of a claim will be lower. The deductible will also be higher in health policies if the medical service covered by the policy is provided in a country outside Panama.
It is of utmost importance to understand the mechanics of the deductible when contracting your policy, in order to make wise decisions about the balance between the monthly cost and the payment capacity in case of an accident. Likewise, it is imperative to study the policy in order to know if the deductible is applied per event or per year, as this may vary.
In summary, the deductible in an insurance contract is a key mechanism that will affect both the costs and the amount of protection sought. Proper advice from an insurance broker will enable the insured to make well-informed decisions that suit his or her needs.
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