When you hit a deer and have damaged your vehicle then you would use your comprehensive portion of your physical damage coverages to make a claim. With your physical damage coverages of collision and comprehensive you choose a deductible amount at the inception of the policy. You stated that your deductible is $500 and thus this amount would be due if placed a claim with your insurer to repair your vehicle.

You spoke about choosing to "cash out." When you cash out, this normally refers to when a policyholder owns their car, thus does not have a lien holder, and chooses to take money for the repairs instead of a repair shop receiving the money directly. Some insurance companies may allow this however keep in mind that if this damage is not repaired and the car is damaged or declared a total loss in a future accident this prior damage could be taken out a damage claim at that point.

So whether the check for repairs goes to the repair shop or directly to you as a cash out the deductible will usually be due. Your agent will be able to give you more information since he or she knows the specifics of your policy and the guidelines of your insurance provider.