What is the difference between the premium and the deductible?

The premium is the amount of money you pay your insurance company on a regular basis. This could be monthly, quarterly, or annually. It is the price you pay for having insurance coverage. The deductible is the amount of money you have to pay out of pocket before your insurance policy kicks in. This amount is set by your insurer, and will vary depending on the type of insurance coverage you have and the amount you are willing to pay. When you file a claim, you will have to pay your deductible before the insurance company will pay out on the claim. The premium is the amount you pay consistently, while the deductible is the amount you have to pay if you need to submit a claim.

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