A deductible is a dollar amount, which a policyholder chooses when setting up their insurance policy, that the insured must pay on each loss to which the deductible applies.

The deductible is not paid annually or once a year but is paid out when your coverages, usually comprehensive or collision, are covering a loss. So if you have multiple incidents in one year that has you placing multiple claims through your insurance policies you will need to pay multiple deducible amounts.