What is the difference between a premium and a deductible?

Your insurance policy’s premium is the amount you must pay on a regular basis to keep your coverage. These payments are usually due once a month, although different plans may have different payment schedules. Your premium is determined based on many different factors, including your age, driving history, and deductible.

Your insurance deductible is the amount you must pay for vehicle repairs out of your own pocket. For example, say your deductible is $300. If you are in an accident, and your car needs $500 in repairs, then you will need to pay $300. Your insurance will cover the remaining $200.

If you are shopping for auto insurance, you need to research your options carefully to make sure you are getting a fair deal. You can contact a long list of insurance companies to accomplish this, or you can simply use our fast and free services. Contact us for auto insurance rate quotes from top providers near you.