Although your Panama insurance policy is in Spanish, a "deducible" is the amount of money which the insured party must pay before the insurance company's own coverage plan begins. It is practical for insurance companies to include a deductible in their policies to avoid paying out benefits on relatively small claims. A typical Panama auto insurance policy, for example, may carry a $500 deductible for "colision". If the owner of that car accidentally hits another car while parking and both drivers agree the damage is minimal, he or she would pay the $500 repair bill out of his or her own pocket. Insurance companies would not encourage a claim for such minor damages.