What is a Deductible? Why would a deductible actually be more advantageous for me?
A deductible is the amount or percentage paid by the insured, thus contributing to the expenses when activating their covers and benefits. The amount is selected when contracting your Insurance Policy and it is duly noted in the Table of Covers included in your policy.
It is in your best interest to choose a deductible, as it reduces the amount of your premiums and therefore you can enjoy a lower annual premium. In addition, if you use /activate another insurance provider (public or private) simultaneously, you may see your deductible minimized or even offset by the amount contributed by your alternate provider. So, in fact, you may end up paying a reduced or even negligible amount, of the expenses.