vähennettäviin

Vähennettäviin is a Finnish term that translates to "deductible" in English when used in the context of insurance. It refers to the amount of money that an insured person must pay out-of-pocket before their insurance coverage begins to pay for a claim. This is a common feature in various types of insurance, including health insurance, car insurance, and homeowner's insurance.

The deductible amount is typically set when the insurance policy is purchased and can vary significantly depending on the type of insurance, the insurer, and the coverage level chosen. A higher deductible generally results in lower premium payments, while a lower deductible means higher premiums. This trade-off allows individuals to customize their insurance costs to their financial situation and risk tolerance.

When an insured event occurs, such as a car accident or a medical procedure, the insured person is responsible for paying the deductible amount first. Once this amount has been paid, the insurance company will then cover the remaining costs of the claim, up to the policy's limits. For example, if a person has a €500 deductible on their car insurance and their car sustains €3,000 worth of damage, they would pay the first €500, and the insurance company would pay the remaining €2,500. The purpose of a deductible is to reduce the number of small claims that insurance companies have to process, which helps to keep overall insurance costs down.