An insurance premium is the dollar amount you need to pay for an insurance policy. It is usually described as an annual insurance premium but can be broken into monthly installment fees with an added monthly service fee.
A deductible is the amount you will have to pay on a claim before the insurance company pays out. For example, if you get in an automobile accident and the cost to repair the vehicle is $750 and you have a $250 deductible, you will pay the first $250 and the insurance company will pay the remaining $500.
The higher the deductible is, the lower the annual premium will be and vice versa.
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