What is a "deductible"? Published by Chris Harvey August 9, 2007 A deductible is the amount of money you must pay “out-of-pocket” before the travel insurance plan will reimburse you for your expense. Related articles: One of the members of our family is much older than the rest of us. Does that effect the premium? Are there medical conditions that are not covered by travel insurance? What happens if my traveling companion cancels their trip due to illness and I still want to go but incurr additional costs as a result of their cancellation; Will travel insurance cover the additional costs? May I insure a family member joining us on our trip, but already out of the country? If a hurricane watch or warning is issued that may impact my travel plans, up to what point can I still purchase travel insurance?