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English definition of “deductible”

deductible

noun [C] US ( Australian also deductable)
 
 
/dɪˈdʌktɪbl̩/ US   /-ṱə-/
an amount of money that is taken away from the money paid to an employee before it is given to them: The increase in the deductible could eat away a worker's entire pay increase for the year.
( UK excess) INSURANCE a part of the cost of an accident, loss, injury, etc. that you agree to pay yourself when you buy insurance: The company's insurance covers the cost of accidents, minus a $500 deductible, for members of all ages.
(Definition of deductible noun from the Cambridge Business English Dictionary © Cambridge University Press)
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