reduced/lowered deductible (out of pocket expense)

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Note added at 1 day1 hr (2016-04-09 12:48:59 GMT)
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In an insurance policy, the deductible is the amount of expenses that must be paid out of pocket before an insurer will pay any expenses.[1] In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.
https://en.wikipedia.org/wiki/Deductible
A deductible is the amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs.
http://www.investopedia.com/terms/d/deductible.asp
http://www.businessdictionary.com/definition/deductible.html

Option 2: a low-deductible insurance (plan/policy)

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Note added at 12 days (2016-04-20 11:52:57 GMT)
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Mam przed sobą polisę z Australii, a na niej termin -> reduced excess i wyjaśnienie, z którego wynika, że chodzi o obniżony udział własny/franszyzę redukcyjną. Może to być zatem opcja 2 odpowiedzi.