What do you pay out-of-pocket on an automobile or property insurance claim?

When you file an automobile or property insurance claim, you typically pay a deductible, which is the amount you're responsible for before your insurance coverage kicks in. For example, if you have a $500 deductible and your claim amounts to $2,000, you'll pay the first $500, and the insurance company will cover the remaining $1,500. Additional out-of-pocket costs may arise if the claim exceeds your coverage limits or if there are any specific exclusions in your policy. It's important to review your policy terms to understand your financial responsibilities during a claim.