The amount that Frank will need to pay out-of-pocket is $1,000. A deductible refers to the amount to pay on a claim before the insurance covers the rest.
A deductible can be defined as the amount to pay “out of pocket” on a claim before the insurance covers the remaining part.
In this case, the auto insurance deductible is equal to $1,000, thereby Frank should pay this amount of money.
There are different categories of auto insurance deductibles (either low deductibles or high deductibles).
Learn more about deductibles here:
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