What is a deductible in travel Insurance? Why is this necessary?

[Rahul Verma]

What is a deductible in travel Insurance? Why is this necessary?

[Priyanka Singh]

Deductible means a cost-sharing requirement under this travel insurance policy that provides that the insurer will not be liable for a specified monetary amount or for a specified number of days / hours which will apply before any benefit are payable by Insurer. A deductible does not reduce the Sum Insured. A deductible is important as it makes you a co-owner of the policy, by taking up a certain portion of the loss himself / herself.​

[Arti · Accepted solution]

Dear Sir/ Madam, 

Deductabile in travel insurence means when an insurable event happens, you may have to pay some of the expenses involved out of your own pocket. This amount is known as the deductible. The rest of the expenses or losses will be borne by the insurance company.