Your deductible is the amount you've agreed to pay out of your pocket before Allstate pays for any covered losses. Here's an example. Say you have $2,000 worth of covered damage, and you picked a $500 deductible, applicable to that coverage, when you bought the policy. That means you pay $500, and your auto insurance pays the rest. In cases, where you are not at fault your deductible may be waived.