Sunday, May 27, 2012

What does auto insurance deductible mean?

I just bought a new car but the bank that financed the loan is asking for proof of auto insurance on the car with a comprehensive and collision deductible of $1000 maximum. I put AAA insurance on the vehicle and they gave me a $500 deductible on both comprehensive and collision. Do i need the $1000 deductible or am i good with the $500 deductible?

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